TORONTO, July 4, 2012 /CNW/ - Timbercreek Senior Mortgage Investment
Corporation (the "Company") is pleased to announce that it has
completed its public offering of 14,950,000 class A shares (the
"Offering"), which includes the exercise by the Agents (as defined
below) of an over-allotment option of 15%, for aggregate gross proceeds
of $149,500,000. The class A shares were offered to the public by a
syndicate of agents co-led by Raymond James Ltd., TD Securities Inc.
and CIBC and including BMO Nesbitt Burns Inc., GMP Securities L.P., RBC
Dominion Securities Inc., National Bank Financial Inc., Scotiabank,
Manulife Securities Incorporated, Canaccord Genuity Corp. and Macquarie
Capital Markets Canada Ltd. (the "Agents").
Under a non-brokered private placement, the Company has also issued
430,000 subscription receipts (the "Subscription Receipts") at $10.00
per Subscription Receipt for gross proceeds of $4,300,000. Holders of
Subscription Receipts will receive 1.0402 class A shares of the Company
for each Subscription Receipt held, effective at 5:00 p.m. (Toronto
time), July 4, 2012. Holders of Subscription Receipts need not take
any action in order to receive the class A shares to which they are
Net proceeds from the Offering will be used to acquire and manage a
diversified portfolio made up of first mortgages with customized terms
(the "Customized First Mortgages") that are secured by primarily
residential (including multi-residential) real estate as well as
office, retail and industrial properties, located primarily in large
urban markets and their surrounding areas.
The investment objective of the Company is, with a primary focus on
capital preservation, to acquire and maintain a diversified portfolio
of Customized First Mortgages in order to permit the Company to pay
monthly distributions to its shareholders. The Company is managed by
Timbercreek Asset Management Ltd. (the "Manager"). The Manager also
acts as portfolio adviser for the Company.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of the Company in the United
States, nor shall there be any sale of the securities of the Company in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities described herein have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or any state securities laws and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the 1933 Act
and applicable state securities laws.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and similar
expressions to the extent they relate to the Company. The
forward-looking statements are not historical facts but reflect the
Manager's current expectations regarding future results or events.
These forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. Although the Manager believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and, accordingly, readers are cautioned not to place undue
reliance on such statements due to the inherent uncertainty therein.
The Manager undertakes no obligation to update publicly or otherwise
revise any forward-looking statement or information whether as a result
of new information, future events or other factors which affect this
information, except as required by law.
SOURCE Timbercreek Senior Mortgage Investment Corporation
For further information:
Timbercreek Asset Management Ltd.
Vice President, Investor Relations