On April 17, 2015, Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX: FC) announced that it had closed its previously announced offering of $25,000,000 aggregate principal amount of 5.30% convertible unsecured subordinated debentures due May 31, 2022 of the Corporation at a price of $1,000 per Debenture. Each Debenture is convertible into common shares of the Corporation at the option of the holder at a conversion price of $13.95 per share (or 71.6846 shares per $1,000 principal amount of Debentures). The Debentures are listed and posted for trading on the TSX under the symbol FC.DB.E.

The offering was underwritten by a syndicate of underwriters led by TD Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., CIBC World Markets Inc., Dundee Securities Ltd., RBC Dominion Securities Inc. and Desjardins Securities Inc. The Corporation has granted the underwriters an over-allotment option, exercisable in whole or in part, at any time up to 30 days after the closing of the offering to purchase up to an additional $3,750,000 principal amount of Debentures.

Gowlings advised the underwriters in this transaction with a team that included Bryce Kraeker, Sean Gomes and Radhika Vaidyanathan (corporate/securities), Rosa Lupo (real estate) and Gloria Geddes (tax).