Holders receive 1.0402 class A shares for each subscription receipt
By Toni Weeks
San Diego, July 5 - Timbercreek Senior Mortgage Investment Corp. said it completed a C$4.3 million private placement of subscription receipts on Wednesday.
The company issued 430,000 receipts at C$10.00 apiece. Holders of the receipts will receive 1.0402 class A shares of the company for each receipt held, effective at 5 p.m. ET on July 4.
The company also announced the completion of its public offering of 14.95 million class A shares for proceeds of C$149.5 million. The amount includes the full exercise of the 15% over-allotment option for 1.95 million shares.
The IPO's syndicate of agents was co-led by Raymond James Ltd., TD Securities Inc. and CIBC and included BMO Nesbitt Burns Inc., GMP Securities LP, RBC Dominion Securities Inc., National Bank Financial Inc., Scotiabank, Manulife Securities Inc., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd.
Proceeds will be used to acquire and manage a portfolio of first mortgages with customized terms that are secured by primarily residential real estate as well as office, retail and industrial properties located in large urban markets.
The investment fund is based in Toronto.
| Issuer: | Timbercreek Senior Mortgage Investment Corp.
|
| Issue: | Subscription receipts, each representing 1.0402 class A shares
|
| Amount: | C$4.3 million
|
| Receipts: | 430,000
|
| Price: | C$10.00
|
| Warrants: | No
|
| Announcement date: | June 27
|
| Settlement date: | July 4
|
| Stock symbol: | Toronto: MTG.TO
|
| Stock price: | C$10.00 at close June 27
|
| Market capitalization: | C$152.63 million
|
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