TORONTO, Dec. 12, 2016 /CNW/ - Firm Capital American
Realty Partners Corp. ("the "Company"), (TSXV : FCA.U) is
pleased to announce that it has received to date commitments from
existing shareholders of the Company of their intention to
participate in the previously disclosed US$10.0 million Rights Offering for approximately
US$7.0 million.
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The Company would like to remind shareholders of the
US$10.0 million Rights Offering
available to holders of its common shares on the basis of one Right
for each common share held. Each Right will entitle the holder to
subscribe for one common share of the Company (the "Rights
Shares") upon payment of the subscription price of US$0.16 per Rights Share. The Rights expire at
5:00 p.m. (Toronto time) on December 14, 2016 (the "Expiry Time"),
after which time unexercised Rights will be void and of no value.
Shareholders who fully exercise their Rights will be entitled to
subscribe for additional Rights Shares, if available as a result of
unexercised Rights prior to the Expiry Time, subject to certain
limitations as set out in the Company's rights offering circular,
which is available under the Company's profile on SEDAR at
www.sedar.com. The Company intends to use the net proceeds of the
Rights Offering for future acquisitions (including the previously
announced New York City Joint Venture Investment) and general
working capital purposes.
Registered shareholders who wish to exercise their Rights must
forward the completed rights certificate, together with the
applicable funds, to the rights agent, TSX Trust Company, on or
before the Expiry Time. Shareholders who own their common shares
through an intermediary, such as a bank, trust company, securities
dealer or broker, will receive materials and instructions from
their intermediary.
To date, the Company has received commitments from existing
shareholders of their intention to exercise their Rights Shares for
approximately US$7.0 million. This
includes and assumes the full exercise of the Stand-by Commitment
by certain shareholders of the Company. Shareholders of the Company
still have until the Expiry Time to participate in the Rights
Offering. If shareholders require assistance in exercising their
Rights Shares, they should contact either the TSX Trust Company or
the Company at (416) 635-0221.
ABOUT FIRM CAPITAL AMERICAN REALTY PARTNERS CORP.
Firm
Capital American Realty Partners Corp. focuses on capital
partnership investing in U.S. income producing real estate &
mortgage debt investments.
The Company is focused on the following investment
platforms:
- Income Producing Real Estate Investments: Acquiring
income producing U.S. real estate assets in major cities across
the United States. Acquisitions
are completed solely by the Company or in joint-venture partnership
with local industry expert partners who retain property management;
and
- Mortgage Debt Investments: Real estate debt and equity
lending platform focused on major cities across the United States. Focused on providing all
forms of bridge mortgage loans and joint venture capital.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain information in this news release
constitutes forward-looking statements under applicable securities
law. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "intend" and similar expressions. Forward-looking
statements in this news release include, but are not limited to,
statements regarding the Company's single family property
disposition program and Debt Restructuring, which may not be
completed within the estimated time frames specified above or at
all. Failure to complete the steps described above or any delays in
their implementation may have a material adverse effect upon the
business of the Company and its market value. There is no assurance
that the Company will be able to complete the disposition of the
single property disposition portfolio at anticipated values or at
all or that market conditions will support the debt and equity
raises contemplated by the Company. There is no assurance that the
implementation of the steps described above, even if completed as
described above, will increase the market value of the Company's
securities, which is subject to numerous factors beyond the
Company's control.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, risks associated with general
economic conditions; adverse factors affecting the U.S. real estate
market generally or those specific markets in which the Company
holds properties; volatility of real estate prices; inability to
complete the Company's single family property disposition program
or Debt Restructuring in a timely manner; inability to access
sufficient capital from internal and external sources, and/or
inability to access sufficient capital on favourable terms;
industry and government regulation; changes in legislation, income
tax and regulatory matters; the ability of the Company to implement
its business strategies; competition; currency and interest rate
fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Firm Capital American Realty Partners Corp.