Trez Capital Mortgage Investment Corporation files final prospectus for $100 million initial public offering
VANCOUVER, May 28, 2012 /CNW/ - Trez Capital Mortgage Investment Corporation (the "Company") announced today that it has filed a final prospectus with the securities regulators in each of the provinces and territories of Canada for the initial public offering of its securities. A copy of the prospectus is available at www.sedar.com.
The prospectus qualifies the distribution of up to 10,000,000 Class A Shares of the Company at a price of $10 per Class A Share for gross proceeds to the Company of up to $100,000,000. A syndicate of agents co-led by RBC Dominion Securities Inc., Canaccord Genuity Corp. and CIBC World Markets Inc. and including BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Macquarie Private Wealth Inc., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated are acting as agents for the public offering and prospective investors may subscribe for Class A Shares through one of such agents.
The Company also has granted to the agents an over-allotment option, exercisable in whole or in part for a period of 30 days following the closing of the initial public offering, to purchase up to an additional 15% of the aggregate number of Class A Shares issued at the closing of the initial public offering at a price of $10 per Class A Share. The Company's prospectus qualifies the distribution of the over-allotment option and the Class A Shares issuable on the exercise of the option. If the over-allotment option is exercised in full, the total gross proceeds to the Company under the maximum offering will be $115,000,000.
The objectives of the Company are to acquire and maintain a diversified portfolio of mortgages on real property in Canada that preserves capital and generates attractive returns in order to permit the Company to pay monthly distributions to its shareholders. The initial amount of the monthly distributions will be approximately $0.0583 per Class A Share ($0.70 per annum) representing an annual cash distribution of 7.0% based on the $10 issue price of the Class A Shares. The Company will seek to accomplish its investment objectives through prudent investments in mortgages on real property in Canada to qualified real estate investors and developers, focusing primarily on short-term bridge financing needs not currently serviced by traditional real estate lenders. Trez Capital Limited Partnership is the manager of and portfolio advisor to the Company.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in the United States, nor shall there be any sale of the securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws. This press release contains forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results, performance and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The offering is only made by the final prospectus. The final prospectus contains important information relating to the Class A Shares of the Company. Copies of the final prospectus may be obtained from any of the agents named above. Investors should read the final prospectus before making an investment decision.
Mr. Michael J.R. Nisker
Managing Partner
Trez Capital Limited Partnership
Tel: (416) 350-1299
E-mail: [email protected]
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