Frontenac Mortgage Investment Corporation provides an update in relation to July and August 2023 distribution to shareholders and June 2023 dividend payment

SHARBOT LAKE, ON, July 27, 2023 /CNW/ - Further to FMIC's press release of June 30, 2023 FMIC's review of certain questions relating to the third-party appraisal reports on a property securing a large development loan, is ongoing.

Consequently, FMIC has decided, pending completion of its review and resolution of such questions, to continue to escrow subscription funds received in relation to FMIC's monthly sale of common shares scheduled to close on July 5th, 2023 and to escrow subscription funds received in relation to FMIC's monthly sale of common shares scheduled to close on August 2nd, 2023. In light of the above, current booked trades pending settlement on either July 5th, 2023 or August 2nd, 2023 will be considered for reversal, if requested. Additionally, FMIC will escrow processing of the monthly dividend payment scheduled to be paid on or before July 30, 2023. 

Also, MNP SENCRL, SRL/LLP has paused the release their Investment Entity Review Report (IERR), for the valuation dates of May 30, 2023 and June 30, 2023 until the questions relating to the third-party appraisal reports have been resolved.   

FMIC is working diligently to complete its review and resolution of certain questions relating to the third-party appraisal reports and will advise further upon completion.

SOURCE Frontenac Mortgage Investment Corporation

Amber Kehoe, Corporate Secretary, Frontenac Mortgage Investment Corporation, Office: 1 877 279 2116 ext. 105