TORONTO, Jan. 28 /CNW/ - Timbercreek Mortgage Investment Corporation
(the "Fund") announced today it has completed its public offering of
4,887,500 Class A Shares of the Fund, which includes an additional
637,500 Class A Shares that were issued pursuant to the exercise of the
over-allotment option (the "Offering Shares") for gross proceeds of
$48,875,000. The Offering Shares were offered to the public by a
syndicate of agents co-led by Raymond James Ltd. and BMO Nesbitt Burns
Inc., and including CIBC World Markets Inc., TD Securities Inc.,
Manulife Securities Incorporated, Scotia Capital Inc., GMP Securities
L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada
Ltd., Canaccord Genuity Corp. and M Partners Inc.
"The support that the capital markets have provided to our business over
the past two years has been tremendous" states R. Blair Tamblyn, chief
executive officer and president of Timbercreek Asset Management Ltd.,
fund manager of the Fund (the "Fund Manager"). "We are very pleased
that we have been able to continue to achieve our objective of
preserving capital while providing attractive, stable distributions to
The Fund was launched in July 2008 to provide investors an opportunity
to invest indirectly, by holding shares of the Fund, in mortgage loan
investments ("Mortgage Assets") selected and determined to be high
quality by the Fund Manager. The Fund intends to grow its portfolio of
Mortgage Assets from time to time by filing additional supplements to
its base prospectus in order to raise additional capital.
The investment objective of the Fund is, with a primary focus on capital
preservation, to acquire and maintain a diversified portfolio of
Mortgage Assets that generates attractive, stable returns in order to
permit the Fund to pay monthly distributions to its shareholders. The
Fund Manager is targeting an aggregate annual yield (net of all fees
and expenses of the Fund) equal to the then current yield to maturity
on the 2 year Government of Canada bond yield plus 550 basis points.
Since inception, the Fund has exceeded this targeted yield.
This press release contains forward-looking statements. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results, performance and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements.
SOURCE Timbercreek Mortgage Investment Corporation
For further information:
Timbercreek Asset Management Ltd.