TORONTO, July 7 /CNW/ - Timbercreek Mortgage Investment Corporation (the
"Fund") is please to announce it has successfully closed the previously
announced acquisition of a portfolio of mortgage loan investments ("Mortgage
Assets") originally funded through non-committed funding facilities
("Warehouse Portfolio") and acquisition of the initial portfolio of Mortgage
Assets originally funded by Timbercreek Mortgage Investment Fund ("TMIF") (the
"Initial Portfolio Acquisitions). The Fund financed the acquisition of the
Warehouse Portfolio from the net proceeds of its approximate $24 million
offering of subscription receipts ("Subscription Receipts") which closed on
July 7, 2008 (the "Offering").
Under the Offering, the Fund issued 2,433,186 Subscription Receipts at
$10.00 per Subscription Receipt for gross proceeds of approximately
Holders of Subscription Receipts will receive one Class A Share ("Class A
Share") of the Fund for each Subscription Receipt held, effective at 5:00 p.m.
(Toronto time), July 7, 2008. Holders of Subscription Receipts will be deemed
to have exchanged their Subscription Receipts for Class A Shares at the close
of business on July 7, 2008. Holders of Subscription Receipts need not take
any action in order to receive the Class A Shares to which they are entitled.
The Fund, which is incorporated under the laws of the Province of Ontario
and which will be managed by Timbercreek Asset Management Inc. (the "Fund
Manager"), 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.
This press release contains forward-looking statements. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results, performance and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
For further information:
For further information: Timbercreek Asset Management Inc., Carrie
Morris, Director, Investor Relations, (416) 306-9967 x250,