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Timbercreek Senior Mortgage Investment Corporation Raises $153.8 Million In Public Offering And Private Placement

TORONTO, July 4, 2012 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (the "Company") is pleased to announce that it has completed its public offering of 14,950,000 class A shares (the "Offering"), which includes the exercise by the Agents (as defined below) of an over-allotment option of 15%, for aggregate gross proceeds of $149,500,000.  The class A shares were offered to the public by a syndicate of agents co-led by Raymond James Ltd., TD Securities Inc. and CIBC and including BMO Nesbitt Burns Inc., GMP Securities L.P., RBC Dominion Securities Inc., National Bank Financial Inc., Scotiabank, Manulife Securities Incorporated, Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd. (the "Agents").

Under a non-brokered private placement, the Company has also issued 430,000 subscription receipts (the "Subscription Receipts") at $10.00 per Subscription Receipt for gross proceeds of $4,300,000.  Holders of Subscription Receipts will receive 1.0402 class A shares of the Company for each Subscription Receipt held, effective at 5:00 p.m. ( Toronto time), July 4, 2012.  Holders of Subscription Receipts need not take any action in order to receive the class A shares to which they are entitled.

Net proceeds from the Offering will be used to acquire and manage a diversified portfolio made up of first mortgages with customized terms (the "Customized First Mortgages") that are secured by primarily residential (including multi-residential) real estate as well as office, retail and industrial properties, located primarily in large urban markets and their surrounding areas.

The investment objective of the Company is, with a primary focus on capital preservation, to acquire and maintain a diversified portfolio of Customized First Mortgages in order to permit the Company to pay monthly distributions to its shareholders.  The Company is managed by Timbercreek Asset Management Ltd. (the "Manager"). The Manager also acts as portfolio adviser for the Company.

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