Tricon Announces Filing of Final Prospectus

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES/

TORONTO, April 24, 2012 /CNW/ - Tricon Capital Group Inc. ("Tricon") is pleased to announce that it has obtained a receipt for its final prospectus of even date filed in all of the provinces and territories of Canada (the "Prospectus") in respect of its previously-announced bought deal financing, whereby a syndicate of underwriters co-led by GMP Securities L.P. and RBC Capital Markets, and including Canaccord Genuity Corp. (collectively, the "Underwriters"), has agreed to purchase, on a bought deal basis, 11,250,000 common shares (the "Common Shares") of the Company at a price of $4.00 per Common Share, for aggregate gross proceeds of $45,000,000. The Prospectus contains detailed disclosure regarding Tricon's previously announced U.S. distressed single-family home rental strategy. The bought deal financing is expected to close on or about April 27, 2012.

The closing of the bought deal financing was delayed as a result of a request by the Ontario Securities Commission for Tricon to include additional disclosure in the Prospectus regarding the U.S. distressed single-family home rental strategy. Tricon has complied and no additional issues were noted by the Ontario Securities Commission.

The Underwriters also have the option, exercisable in whole or in part at any time on or up to 30 days after the closing of the offering, to purchase up to an additional 1,687,500 Common Shares to cover over-allotments, if any, and for market stabilization purposes. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the offering will be $51,750,000.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About Tricon Capital Group Inc.

Founded in 1988, Tricon is one of North America's leading residential real estate investment companies with approximately $1 billion of assets under management. Tricon provides financing to local operators or developers in select markets in the United States and Canada, with a primary focus on for-sale housing in growing markets. Since inception, Tricon has invested in approximately 150 transactions for development projects valued at roughly $10 billion. More information about Tricon is available at www.triconcapital.com.

Forward-looking statements

This press release may contain forward-looking statements relating to expected future events and financial and operating results and projections of the Company, including statements regarding future plans, objectives or economic performance that involve risks and uncertainties. Forward-looking information and statements are based on management's current expectations, intentions and assumptions. If unknown risks arise or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. Examples of such risks include, but are not limited to, the risks described in the Company's continuous disclosure materials from time-to-time as available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

June Alikhan
Chief Financial Officer
Tel: [phone]
Email: [email protected]

Gary Berman
President and Chief Operating Officer
Tel: [phone]
Email: [email protected]