TORONTO, July 17, 2012 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (the "Fund"), is pleased to announce it has completed a non-brokered private placement of 344,700 Class I Shares at $10 per Class I Share (the "Private Offering") effective July 17, 2012. Gross proceeds of this Private Offering will be used to fund mortgage loans invested in from time to time and for general corporate purposes of the Fund.
As of the date of this press release the total issued and outstanding Class A Shares, Class I Shares and Class J Shares were 30,820,054, 344,700 and 478,100 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, comprised of first mortgages, selected and determined to be high quality by its manager, Timbercreek Asset Management Ltd. 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 Senior Mortgage Investment Corporation