Date Closed

January 19, 2012

Lead Office

Vancouver

Value

152.20 Million CAD

On January 19, 2012, The Mortgage Investment Corporation, Timbercreek Senior Mortgage Investment Corporation, announced that it had completed its initial public offering of 11,500,000 class A shares (the "Prospectus Offering"), which includes the exercise by the Agents of an overallotment option of 15%, for aggregate gross proceeds of C$115 million. 

The class A shares were offered to the public by a syndicate of agents co-led by Raymond James Ltd., BMO Nesbitt Burns Inc. and TD Securities Inc., and including CIBC World Markets Inc., GMP Securities L.P., RBC Dominion Securities Inc., Manulife Securities Incorporated, Scotia Capital Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd. and National Bank Financial Inc. (the "Agents"). 

Under a non-brokered private placement, the Company has also issued 3,720,000 of Subscription Receipts at C$10.00 per Subscription Receipt for gross proceeds of C$37,200,000.  Holders of Subscription Receipts received 1.0525 Class A Shares of the Company for each Subscription Receipt held on the completion of the prospectus offering. 

In aggregate, the Company raised C$152.2 million upon the completion of the prospectus offering.

Timbercreek Senior Mortgage Investment, headquartered in Toronto, Ontario, is a closed-end mortgage investment company.

McCarthy Tétrault LLP represented Timbercreek Senior Mortgage Investment, with a team led by Joyce Lee.