Proceeds of the transaction exceeded $28 million
Firm Capital Mortgage Investment Corporation has announced that it has finalized its previously announced bought deal public offering of more than 1.9 million common shares.
The MIC, along with seller shareholders Eli Dadouch, Jonathan Mair, and Michael Warner, closed the transaction involving 1,936,600 common shares valued at $14.85 per share, with gross proceeds totalling more than $28 million.
The offering was undertaken with a syndicate of underwriters bookrun by TD Securities Inc., National Bank Financial Inc., and CIBC Capital Markets, accompanied by RBC Capital Markets, Scotiabank, Canaccord Genuity Corp., iA Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Echelon Wealth Partners Inc., and Laurentian Bank Securities.
Read more: Firm Capital MIC announces over-allotment in debenture offering
“The underwriters have exercised, in full, the previously announced over-allotment option granted to them by the corporation,” Firm Capital said.
The MIC added that it will be using the net proceeds of the offering to repay indebtedness and for general corporate purposes.
“Prior to the announcement of the offering, the selling shareholders held options to acquire a total of 1,330,000 shares and, immediately following the completion of the offering, the selling shareholders hold options to acquire a total of 810,000 shares,” Firm Capital said. “The shares sold by the selling shareholders under the secondary offering were not a disposition of their shares held prior to the announcement of the offering.”
