Eclipse Residential MIC closes $10.8M offering




News Release

Not for distribution to U.S. newswire services or for distribution in the United States

ECLIPSE RESIDENTIAL MORTGAGE INVESTMENT CORPORATION COMPLETES TREASURY OFFERING

Toronto, September 21, 2017 – (TSX: ERM) Eclipse Residential Mortgage Investment Corporation (“Eclipse”) is pleased to announce that it has completed the previously announced treasury offering of common shares (the “Common Shares”) at a price of $10.20 per Common Share for gross proceeds of approximately $10.8 million.

Eclipse’s investment objectives are to acquire and maintain a diversified mortgage portfolio primarily composed of interests in single family residential mortgages that seeks to preserve capital and generate income to pay monthly distributions to shareholders of Eclipse. The current dividend amount is $0.0625 per Common Share per month, representing a dividend yield of 7.4% per annum based on the offering price of $10.20 per Common Share. From its inception on June 28, 2013 to August 31, 2017, Eclipse has generated an 8.0% per annum total return on book value, while growing the annualized dividend rate by 25% (from $0.60 per annum to $0.75 per annum).

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets and TD Securities Inc. and included BMO Capital Markets, National Bank Financial Inc., Scotiabank, GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Echelon Wealth Partners, Industrial Alliance Securities Inc., Desjardins Securities Inc., and Mackie Research Capital Corporation.

About Brompton Funds

Brompton Funds, a division of Brompton Group (“Brompton”) which was founded in 2000, is an experienced investment fund manager with approximately $2 billion in assets under management. Brompton’s investment solutions include TSX traded funds, mutual funds and flow-through limited partnerships. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.

About MCAP Financial Corporation

One of Canada’s largest mortgage financing companies, MCAP Financial Corporation (“MCAP”) originates and services all mortgages for Eclipse. MCAP has more than 20 years of experience underwriting and servicing Canadian single family residential mortgages, with over $62 billion in mortgage assets managed for banks, life insurance companies, credit unions and institutional investors.