Firm Capital Mortgage Investment Corporation Closes $25,000,000 Bought Deal Financing

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TSX Symbol: FC

TORONTO, April 17, 2015 /CNW/ - Firm Capital Mortgage Investment Corporation (the "Corporation") (TSX: FC) today announced that it has closed its previously announced offering of $25,000,000 aggregate principal amount of 5.30% convertible unsecured subordinated debentures (the "Debentures") due May 31, 2022 of the Corporation at a price of $1,000 per Debenture. Each Debenture is convertible into common shares of the Corporation at the option of the holder at a conversion price of $13.95 per share (or 71.6846 shares per $1,000 principal amount of Debentures). The Debentures are listed and posted for trading on the TSX under the symbol FC.DB.E. The offering was underwritten by a syndicate of underwriters led by TD Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., CIBC World Markets Inc., Dundee Securities Ltd., RBC Dominion Securities Inc. and Desjardins Securities Inc. The Corporation has also granted to the underwriters an over-allotment option, exercisable in whole or in part, at any time up to 30 days after the closing of the offering to purchase up to an additional $3,750,000 principal amount of Debentures.

The net proceeds of the offering will be used to repay a portion of the Corporation's indebtedness.

The securities being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except in limited circumstances.

About Firm Capital Mortgage Investment Corporation

The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Corporation's investment objective is the preservation of shareholders' equity, while providing shareholders with a stable stream of monthly dividends from investments. The Corporation achieves its investment objectives through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to shareholders. The Corporation is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada). Accordingly, the Corporation is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. Full reports of the financial results of the Corporation for the year are outlined in the audited financial statements and the related management discussion and analysis of the Corporation, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on the Corporation's website at www.firmcapital.com.

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SOURCE Firm Capital Mortgage Corporation

Firm Capital Mortgage Investment Corporation, Eli Dadouch, President & Chief Executive Officer, [phone], www.firmcapital.com