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Firm Capital Mortgage Investment Corporation Closes Exercise Of Underwriters' Over-Allotment Option

Stocks in this article: FC

TSX Symbol: FC

/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, March 28, 2012 /PRNewswire/ - Firm Capital Mortgage Investment Corporation (the " Corporation") (TSX: FC) today announced that it issued an additional 201,000 common shares of the Corporation (the " Shares") and an additional $2,485,000 aggregate principal amount of 5.25% convertible unsecured subordinated debentures (the " Debentures") due March 31, 2019, pursuant to the over-allotment option granted to the underwriters in connection with the Corporation's previously announced offering of $18,000,000 aggregate principle amount Debentures and 1,340,000 Shares, which closed March 21, 2012. Each Debenture is convertible into common shares at the option of the holder at a conversion price of $14.80 per share (or 67.5676 shares per $1,000 principal amount of Debentures). The Debentures are listed and posted for trading on the TSX under the symbol FC.DB.C. The offering was underwritten by a syndicate of underwriters led by TD Securities Inc. and including Dundee Securities Ltd., National Bank Financial Inc., Desjardins Securities Inc., and Macquarie Capital Markets Canada Ltd.

The net proceeds of the offering will be used to repay a portion of its indebtedness.

The securities being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except in limited circumstances.

About The Corporation

The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Corporation's investment objective is the preservation of Shareholders' equity, while providing Shareholders with a stable stream of monthly dividends from investments. The Corporation achieves its investment objectives through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to Shareholders. Full reports of the financial results of the Corporation for the year are outlined in the audited financial statements and the related management discussion and analysis of Firm Capital, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on Firm Capital's website at www.firmcapital.com.

SOURCE Firm Capital Mortgage Investment Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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