TORONTO, Jan. 7, 2013 /CNW/ - First National Mortgage Investment Fund (the "Fund") is pleased to announce that the Fund has issued an additional 290,000 units of the Fund (the "Units") pursuant to the exercise of the over-allotment option by the syndicate of agents. In total, the Fund issued 4,890,000 Units pursuant to its initial public offering and 920,000 Class H Units (the "Class H Units") to First National Financial Corporation by way of a private placement, yielding gross proceeds of approximately $58.1 million.
The Units are listed on the Toronto Stock Exchange under the symbol FNM.UN.
The Fund was created to obtain economic exposure to a diversified portfolio of mortgages originated by First National Financial LP, a wholly owned subsidiary of First National Financial Corporation.
Stone Asset Management Limited is the manager and portfolio manager of the Fund.
First National Financial Corporation is a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages.
The syndicate of agents for this offering was co-led by RBC Capital Markets, CIBC and TD Securities Inc., and included BMO Capital Markets, National Bank Financial Inc., Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd. and Macquarie Private Wealth Inc.
About First National:
First National Financial Corporation (TSX: FN) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With over $63 billion in mortgages under administration, First National Financial Corporation believes it is the largest lender of single-family residential mortgages in Canada outside the five largest chartered banks and one of the largest multi-unit and commercial mortgage lenders in Canada. For more information, please visit www.firstnational.ca.
About Stone Asset Management Limited:
Stone Asset Management Limited manages a family of open-ended mutual funds, a series of flow-through limited partnerships and a TSX-listed investment fund. SAM specializes in structuring and managing high quality investment products and currently has approximately $685 million in assets under management.
SOURCE: First National Mortgage Investment Fund
For further information:
For additional information, please contact Robert Inglis, First National Financial Corporation, at 416-593-1100 or visit www.firstnational.ca.