Toronto Stock Exchange: TMC
TORONTO, Sept. 16, 2011 /CNW/ - Timbercreek Mortgage Investment
Corporation (the "Fund") announced today it has completed its public
offering of 10,120,000 Class A Shares of the Fund, which includes an
additional 1,320,000 Class A Shares that were issued pursuant to the
exercise of the over-allotment option (the "Offering Shares") for gross
proceeds to the Fund of $101,200,000. The Offering Shares were offered
to the public by a syndicate of agents co-led by Raymond James Ltd.
and BMO Capital Markets, and including CIBC World Markets Inc., RBC
Capital Markets, GMP Securities L.P., Manulife Securities Incorporated,
TD Securities Inc., HSBC Securities (Canada) Inc., Scotia Capital Inc.,
Macquarie Capital Markets Canada Ltd., Canaccord Genuity Corp. and M
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 shelf 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 targets an aggregate annualized 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.