TORONTO, April 16, 2012 /PRNewswire/ - Timbercreek Mortgage Investment Corporation (the "Fund"), is pleased to announce it has completed a non-brokered private placement of 3,400,573 Class B Shares at $10 per Class B Share (the "Private Offering") effective April 13th, 2012. Gross proceeds of this Offering will be used to fund mortgage loans invested in from time to time and for general corporate purposes of the Fund.
Over the last six months the Fund has issued approximately $135 million in mortgage loans primarily secured by income-producing properties and has received repayment of approximately $112 million which is in line with the typical portfolio turnover of 30-40% a year. As of March 31, 2012 the cash balance was approximately $5 million.
With proceeds from the Private Offering the Fund has now reached its targeted size of approximately $350 million. Management expects these proceeds will be deployed within the next 90 days.
As of the date of this press release the total issued and outstanding Class A Shares and Class B Shares were 32,407,520 and 5,544,233 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 selected and determined to be high quality by the Fund Manager. 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 Mortgage Investment Corporation