Timbercreek Financial arranges $20M private placement
TIMBERCREEK FINANCIAL Corp. intends to complete a private placement offering through the issuance of common shares at a price of $9.22 per share to raise gross proceeds of up to $20-million.
The corporation may pay certain finders who are registered dealers a cash commission of up to 2 per cent of the gross proceeds of the offering. The closing of the offering is subject to certain conditions, including, but not limited to, the receipt of approval of the Toronto Stock Exchange. The corporation currently intends to use the net proceeds, if any, of the offering to repay amounts owing under its secured revolving credit facility, and will subsequently draw on the credit facility for purposes of financing the purchase of new investments in accordance with the strategies, investment objectives and investment guidelines of the corporation.
“The corporation continues to experience strong demand for its customized financing solutions, and this transaction enables us to build our equity capital base opportunistically and accretively to support the continued portfolio growth,” said Cameron Goodnough, president and chief executive officer of Timbercreek Financial. About Timbercreek Financial Corp. Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Its sophisticated, service-oriented approach allows the company to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, the company is able to meet these needs while targeting strong risk-adjusted returns for investors.
We seek Safe Harbor.
Zelick Laeb Altman, Ugo Bizzarri, Andrew Alexander Jones, Steven Robert Scott, Glenn William Shyba, Robert Blair Tamblyn, Derek John Watchorn
(TF) Shares: 79,695,870