/Distribution to U.S. news services or within the United States is prohibited/
TORONTO, July 11, 2024 (GLOBE NEWSWIRE) — Firm Capital Mortgage Investment Corporation (the “Company”) (TSX: FC, “FC.DB.H”, “FC.DB.I”, “FC.DB.J”, “FC.DB.K” and “FC.DB.L”) today announced that it has filed a preliminary short-form base shelf prospectus with all provincial securities regulators in Canada, which will enable the Company to offer and issue up to $250 million worth of common shares, preferred shares, notes, underwriting certificates, warrants or units, or any combination of such securities, over a 25-month period, upon receipt of the Company’s (final) short-form base shelf prospectus. The preliminary short-form base shelf prospectus is not yet final for purposes of a securities sale. When the securities covered by the (final) short-form base shelf prospectus are sold, a prospectus supplement containing the terms of those securities will be filed.
The contents of this news release have not been approved or disapproved by any securities regulatory authority. The securities covered by the base shelf prospectus have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered, sold or offered, directly or indirectly, in the United States, its territories or any other jurisdiction thereunder, or to, or for the account or benefit of, U.S. persons, absent an exemption from registration. This news release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Company’s securities in any jurisdiction.
About Us
Where mortgage transactions take place®
The company is a non-bank lending company that provides residential and commercial short-term bridge and conventional real estate loans, including construction, mezzanine and equity financing, through its mortgage banker, Firm Capital Corporation. The company’s investment objective is to preserve shareholders’ capital and provide shareholders with stable monthly dividends from their investments. The company achieves its investment objective through investments in specific niche markets that are underserved by larger lending institutions. Its lending activities to date have continued to develop a diversified mortgage portfolio and generate stable returns for shareholders. The company is defined as a United States Mortgage Investment Company (MIC). Income Tax Law (Canada) Accordingly, the Company is not subject to income tax to the extent that taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 of each year. Such dividends are generally treated by the shareholders as interest income, thereby placing each shareholder in the same position as if the mortgage investments made by the Company had been made directly by the shareholder. A complete report of the Company’s annual financial performance is set forth in the Company’s audited financial statements and related analysis of operations, which are available on the SEDAR+ website at www.sedarplus.com. In addition, supplemental information is available on the Company’s website at www.firmcapital.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding the Company’s possible issuance of securities, the types of securities that may be issued, regulations regarding the offering of securities, the ability to satisfy the stock exchange and commercial closing conditions, uncertainties related to access to the capital markets, and statements relating to the Company’s business, including those contained in the Company’s Annual Information Form for the year ended December 31, 2023, as well as statements regarding management’s beliefs, estimates and intentions and similar statements regarding expected future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook,” “objectives,” “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plan,” “continue” or similar expressions suggesting future results or events. Such forward-looking statements reflect management’s current belief and are based on information currently available to management.
These statements are not guarantees and are based on our estimates and assumptions that are subject to risks and uncertainties, including those set out under “Risk Factors” in our Annual Information Form for the year ended December 31, 2023 (a copy of which is available at www.sedarplus.com). These risks and uncertainties include, among others, risks related to the public health crisis, liquidity and price volatility of our shares, our dependence on our manager and mortgage bankers, potential conflicts of interest, dilution, lack of guaranteed returns, credit risk, interest rate risk, environmental issues related to our business, availability of investments, dependence on our directors, borrowings, limited borrowing sources, risks related to the renewal of mortgages that make up our investment portfolio, risks related to the composition of our investment portfolio, financing with subordinated and subsequent debt, investment risks in land mortgage investments, dependence on borrowers, litigation risk, ability to manage growth, changes in legislation, cyber risks, our convertible notes and our qualification as a mortgage investment corporation. Readers are cautioned that the foregoing list is not exhaustive. Important factors or assumptions applied in reaching conclusions or making estimates set forth in the forward-looking information include, among others, that sufficient mortgage investment opportunities will be presented to the Company and that sufficient bank debt and bank loans will be available to the Company. The forward-looking information that follows this new release is based on assumptions that management believes to be reasonable, but there can be no assurance that actual results and performance will be consistent with these forward-looking statements.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Farm Capital Mortgage Investment Corporation
Eli Daddush
President and Chief Executive Officer
(416) 635-0221
Boutique Mortgage Lender®
