Firm Capital Mortgage settles C$9.98 million placement of trust units

Non-brokered private financing sold 1,864,445 units at C$5.35 per unit

By Devika Patel

Knoxville, Tenn., Dec. 2– Firm Capital Mortgage Investment Trust said it raised C$815,893 in the second and final tranche of a C$9.98 million non-brokered private placement of units. The deal priced for C$8 million on Oct. 27 and was increased to C$10 million on Nov. 3, raising C$9.13 million on Nov. 5.

The company sold 1,864,445 trust units at C$5.35 apiece, which is a 58.17% discount to the closing share price of C$12.79 on Oct. 24. Firm sold 1,707,345 units in the first tranche and 157,100 units in the second.

Toronto-based Firm Capital, through its mortgage banker Firm Capital Corp., is a non-bank lender providing residential and commercial finance.

Issuer:	Firm Capital Mortgage Investment Trust
Issue:	Trust units
Amount:	C$9,974,781
Units:	1,864,445
Price:	C$5.35
Warrants:	No
Agent:	Non-brokered
Pricing date:	Oct. 27
Upsized:	Oct. 30
Settlement date:	Nov. 3 (for C$9,134,296), Dec. 2 (for C$840,485)
Stock symbol:	Toronto: FC
Stock price:	C$12.79 at close Oct. 24
Market capitalization:	C$257.62 million

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