TORONTO, Jan. 18 /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 200,000 Class B Shares at $10 per Class B Share (the "Offering") effective January 15, 2010. 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.
The Fund Manager will continue to offer Class B Shares by way a non-brokered private placement on an on-going basis. Scheduling of future Class B Shares will be determined by a combination of receiving investment commitments of greater than $3 million and identifying opportunities to effectively deploy funds raised.
Andrew Jones, Mortgage Manager of the Fund, explains that "we continue to see strong demand for customized lending on high quality, income producing assets. He adds that "with continuing scarcity of capital in the market, the interest rates on new customized loans placed by the Fund are in many cases higher than what the inherit risk would otherwise demand".
As of the date of this press release the total issued and outstanding Class A Shares and Class B Shares were 5,533,616 and 2,020,239 respectively.
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, Vice President, Investor Relations, (416) 306-9967 x250, firstname.lastname@example.org