TORONTO, Nov. 16 /CNW/ - Timbercreek Asset Management Inc. (the "Fund Manager"), on behalf of Timbercreek Mortgage Investment Corporation (the "Fund"), is pleased to announce a Non-Brokered Private Placement of 247,002 Class B Shares at $10 per Class B Share (the "Offering") effective November 13, 2009. Gross proceeds of this Offering will be used to fund mortgage loans invested in from time to time and for general corporate purposes of the Fund.
As well, on October 30, 2009, 29,499 Class B Shares were converted into Class A Shares pursuant to the rights of the Class B Shares as described in the Annual Information Form dated September 14, 2009 (the "Conversion") and 1,475 Class A Shares were redeemed pursuant to the monthly redemption privileges (the "Redemption") also described in the Annual Information Form.
As of the date of this press release, after taken into consideration both the Offering, the Conversion, and the Redemption, the total issued and outstanding Class A Shares and Class B Shares were 3,919,060 and 1,820,239 respectively.
Andrew Jones, Mortgage Manager of the Fund, explains that "reduced competition in the lending market has resulted in a larger number of attractive investment opportunities being presented to the Fund that are primarily secured by high quality income-producing assets". Since September 1, 2009, the Fund has advanced funds under new loans of approximately $8,950,000 and has received repayment of principal from previously funded loans of approximately $5,350,000. The Fund has also issued commitments for new loans for an additional $3,450,000 that are expected to fund within the next 30 days.
About the Fund
The Fund provides investors with an opportunity to receive attractive yields by investing indirectly, through holding shares of the Fund, in mortgage loan investments selected and determined to be high quality by the Fund Manager. The investment objective of the Fund is, with a primary focus on capital preservation, to acquire and maintain a diversified portfolio of mortgage loan investments that generates attractive, stable returns in order to permit the Fund to pay monthly distributions to its shareholders.
SOURCE Timbercreek Mortgage Investment Corporation
For further information: For further information: Timbercreek Asset Management Inc., Carrie Morris, Director, Investor Relations, (416) 306-9967 x250, email@example.com