TORONTO, June 12, 2018 (GLOBE NEWSWIRE) -- Firm Capital Property Trust (“FCPT” or the “Trust”) (TSXV:FCD.UN) announces that its previously announced non-brokered private placement (the “Private Placement”) of trust units (each, a “Unit”) remains ongoing and any closing of a subsequent tranche of the Private Placement has been extended for a further 30 days from the date of this press release.
On May 30, 2018, the Trust announced that it has closed the first tranche of the Private Placement, whereby the Trust issued 1,140,040 Units at a price of $6.25 per Unit for gross proceeds of approximately $7.1 million. As previously announced, the Trust is looking to ultimately raise up to $15.0 million pursuant to the Private Placement.
The Trust intends to use the net proceeds of the Private Placement to fund prospective acquisitions, to repay amounts drawn on the Trust’s credit facility and for working capital and general trust purposes.
The Private Placement remains subject to the final approval of the TSX Venture Exchange.
Further information about the Trust can be found by selecting the Firm Capital Property Trust link at www.firmcapital.com.
ABOUT FIRM CAPITAL PROPERTY TRUST
Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust’s plan is to co-own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional space. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.
FORWARD LOOKING INFORMATION
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. All statements in this press release, other than statements of historical facts, that address the completion of the Private Placement, the anticipated timing of closing of the Private Placement and the use of proceeds therefrom, and events or developments that the Trust expects, are forward looking statements. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events (including any subsequent tranches of the Private Placement) will not occur, in whole or in part. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.
For further information, please contact:
Robert McKee Sandy Poklar
President & Chief Executive Officer Chief Financial Officer
(416) 635-0221 (416) 635-0221
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.