Timbercreek Senior Mortgage Investment Corp. (MTG.TO) said Thursday that it has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada , other than Quebec.
The preliminary prospectus qualifies the distribution of up to $100 million of Class A shares of the company at a price of $10 per Class A share.
The company proposes to offer, concurrently with the offering, subscription receipts on a private placement basis, each of which will represent the right to receive Class A shares, on the terms and conditions described therein. Accordingly, it is intended that the final prospectus of the company will also qualify the issuance of Class A shares by the company upon the subscription receipts being exchanged for Class A shares in accordance with the terms thereof.
Net proceeds from the offering will be used to acquire and manage a diversified portfolio made up of first mortgages with customized terms that are secured by mainly residential real estate as well as office, retail and industrial properties, located mainly in large urban markets and their surrounding areas.
by RTT Staff Writer
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