TORONTO, April 5 /CNW/ - Timbercreek Asset Management Inc. (the "Fund Manager"), on behalf of Timbercreek Mortgage Investment Corporation (the "Fund"), is pleased to announce a Non-Brokered Private Placement of 1,186,500 Class B Shares at $10 per Class B Share (the "Offering") effective April 1, 2010. Gross proceeds of this Offering will be used to fund mortgage loans invested in from time to time and for general corporate purposes of the Fund.
The Fund Manager will continue to offer Class B Shares by way of a non-brokered private placement on an on-going basis. Scheduling of future Class B Shares will be determined by a combination of receiving investment commitments of greater than $3 million and identifying opportunities to effectively deploy funds raised.
Blair Tamblyn, President of the Fund, comments that "we are very pleased with the capital markets' increasing awareness and support of Timbercreek Mortgage Investment Corp. As the number of Class A and B shares outstanding continues to grow, we are also seeing increased trading volume in the secondary markets". He adds that "our underwriting team continues to see strong demand for customized lending on high quality, income producing assets, and as a result, we anticipate that a very high percentage of the fund's capital will be invested in mortgages secured by income-producing assets for the foreseeable future".
As of the date of this press release the total issued and outstanding Class A Shares and Class B Shares were 8,427,281 and 3,188,791 respectively.
About the Fund
The Fund provides investors with an opportunity to receive attractive yields by investing indirectly, through holding shares of the Fund, in mortgage loan investments selected and determined to be high quality by the Fund Manager. The investment objective of the Fund is, with a primary focus on capital preservation, to acquire and maintain a diversified portfolio of mortgage loan investments that generates attractive, stable returns in order to permit the Fund to pay monthly distributions to its shareholders.
SOURCE Timbercreek Mortgage Investment Corporation
For further information: For further information: Timbercreek Asset Management Inc., Carrie Morris, Vice President, Investor Relations, (416) 306-9967 x250, firstname.lastname@example.org