SASKATOON, July 27, 2015 /CNW/ - PrimeWest Mortgage Investment Corporation ("PrimeWest"), a mortgage investment corporation, announced today that it has completed its initial close under an Offering Memorandum dated May 29, 2015 with subscriptions accepted for 173,705 Class A Shares of PrimeWest (the "Shares") for a total subscription price of $1,737,050.00 (the "Subscription Amount"). Sales Agents included PI Financial of Regina, Sask. and Sentinel Financial Group of Saskatoon, Sask., who received a commission of 5% on the sale of the Shares (i.e. $0.50 per Share).
The Shares are subject to a four-month hold period, expiring on November 27, 2015.
The Subscription Amount will be used for the purpose of making share redemptions and for loans secured by mortgages on real property. A portion of these proceeds, being a minimum of 10% in the form of cash or "near-cash" securities (such as units of money market mutual funds), or an equivalent amount of funds available under PrimeWest's line of credit financing, will be kept available to meet debt obligations of PrimeWest.
PrimeWest is based in Saskatoon, Saskatchewan, and is a mortgage investment corporation. PrimeWest is a reporting issuer in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. The securities of PrimeWest are not listed or posted for trading on any exchange.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
SOURCE PrimeWest Mortgage Investment Corporation
For further information: Don Zealand, President & CEO, PrimeWest Mortgage Investment Corporation, Telephone No. (306) 292 7269, E-mail: [email protected], Visit our website: www.primewest.ca