Firm Capital MIC announces $30M offering

FIRM CAPITAL MORTGAGE INVESTMENT CORPORATION ANNOUNCES ATM OFFERING OF UP TO $30 MILLION

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October 23, 2017, TORONTO – Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX: FC) is pleased to announce that it has established an at-the-market equity program (the “ATM Program”) that allows the Corporation to issue common shares from treasury (“Common Shares”) having aggregate gross sales of up to $30 million (the “Maximum Amount”) to the public from time to time, at the Company’s discretion. The ATM Program is being established pursuant to a prospectus supplement dated the date hereof (the “Prospectus Supplement”) filed in each province of Canada, to the base shelf prospectus dated July 17, 2017 (the “Base Shelf Prospectus” and collectively with the Prospectus Supplement, the “Prospectus”).

Sales of the Common Shares through the ATM Program will be made pursuant and subject to: (i) the terms of an equity distribution agreement dated the date hereof (the “Equity Distribution Agreement”) with Canaccord Genuity Corp. (the “Agent”).

Sales of Common Shares will be made through “at-the-market distributions” as defined in National Instrument 44-102 – Shelf Distributions, including sales made directly on the Toronto Stock Exchange. The Common Shares will be distributed under the ATM Program at the market prices prevailing at the time of sale. As a result, prices may vary as between purchasers and over time. The ATM Program will be activated at the Corporation’s discretion and will end on the earlier of the date of distribution of the Maximum Amount and August 17, 2019.

The Corporation currently intends to use the net proceeds of the ATM Program: (i) to repay a portion of the Corporation’s indebtedness under a revolving credit facility with its principal banker; (ii) to fund new investments; and (iii) for general corporate purposes.

The Prospectus Supplement, together with the Base Shelf Prospectus, has been filed with the securities commissions in all of the provinces of Canada. The Prospectus contains important detailed information about the securities being offered. Before you invest, you should read the Prospectus and the other documents the Corporation has filed for more complete information about the Corporation and the ATM Program. Copies of the Equity Distribution Agreement and the Prospectus will be available under the Corporation’s profile at www.sedar.com.

About the Corporation
Where Mortgage Deals Get Done®

The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Corporation’s investment objective is the preservation of shareholders’ equity, while providing shareholders with a stable stream of monthly dividends from investments. The Corporation achieves its investment objectives through investments in selected niche markets that are underserviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to shareholders. Full reports of the financial results of the Corporation for the three and six month periods ended June 30, 2017 are outlined in the unaudited financial statements and the related management’s discussion and analysis of Firm Capital, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on Firm Capital’s website at www.firmcapital.com.