TORONTO, Jan. 31, 2012 /CNW/ - ROI Canadian Senior Mortgage Investment Corporation (the "Company") is pleased to announce that it has filed a preliminary prospectus with, and a receipt therefor has been issued by, the securities regulatory authorities in each of the provinces and territories of Canada, other than Québec.
The Company proposes to issue Class A Shares (the "Shares") of the Company at a price of $10.00 per Share.
The Company will invest in a diversified portfolio of First Mortgages that generates attractive, stable returns in order to permit the Company to pay monthly distributions and preserve capital for its shareholders.
The Indicative Distribution Amount is initially targeted to be $0.042 per Share per month ($0.50 per annum) representing an annual cash distribution of 5% based on the $10.00 per Share issue price.
Return On Innovation Management Ltd. is the Manager of the Company and Return On Innovation Advisors Ltd. is the Portfolio Adviser of the Company.
The syndicate of agents is being co-led by RBC Dominion Securities Inc., CIBC World Markets Inc. and TD Securities Inc. and includes National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Macquarie Private Wealth Inc. and Manulife Securities Incorporated (collectively, the "Agents").
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Company, the Manager and/or the Portfolio Adviser. The forward-looking statements are not historical facts but reflect the Company's, the Manager's and/or Portfolio Adviser's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Company, the Manager and/or the Portfolio Adviser believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company, the Manager and/or the Portfolio Adviser undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
A preliminary prospectus dated January 30, 2012 (the "Prospectus") containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada, other than Québec. The Prospectus is still subject to completion or amendment. Copies of the Prospectus may be obtained from any of the Agents. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
All capitalized terms noted herein but not defined are as defined in the Prospectus.
For further information:
please contact Monique Jhooti at Return On Innovation Management Ltd. at [email protected] or at 1-866-764-3863; or for additional information or a copy of the Prospectus, please contact your registered financial advisor.