/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Dec. 18, 2017 /CNW/ - Firm Capital American
Realty Partners Corp. (the "Corporation") (TSXV: FCA.U/FCA)
is pleased to announce today that it has commenced an overnight
marketed public offering (the "Offering") of common
shares of the Corporation (the "Offered Shares"). In
connection with the Offering, the Corporation has filed a
preliminary prospectus supplement (the "Preliminary
Supplement") to the Corporation's short form base shelf
prospectus dated September 15, 2017,
with the securities regulatory authorities in each of the provinces
of Canada, other than Quebec. The Offered Shares are being issued at
a price of US$7.50 per Offered Share
or CDN$9.64. The total size of the
Offering will be determined in the context of the market prior to
the filing of the (final) prospectus supplement in respect of the
Offering. The Preliminary Supplement has not yet become final and
remains subject to completion.
Canaccord Genuity Corp. is acting as the lead underwriter in
connection with the Offering, on behalf of a syndicate of
underwriters (the "Underwriters"). Investors will have the
option of subscribing for the Offered Shares in U.S. dollars or
Canadian dollars.
The Corporation has also granted the Underwriters an
over-allotment option to purchase up to that number of Offered
Shares representing 15% of the size of the Offering, on the same
terms and conditions, exercisable at any time, and from time to
time, in whole or in part, up to 30 days after the closing of the
Offering.
The Corporation intends to use the net proceeds of the Offering:
(i) to fund prospective acquisitions of income producing
multi-family residential properties in the United States primarily in joint venture
partnerships; (ii) to fund prospective investments in mortgage debt
on real estate properties in the United
States; (iii) for the repayment of debt; and (iv) for
working capital and general corporate purposes.
The Offering is scheduled to close on or about December 28, 2017, subject to satisfaction of
customary closing conditions, including the receipt of all
necessary regulatory and stock exchange approvals.
About the Corporation
The Corporation is a United
States focused real estate investment company that pursues
real estate and debt investments through the following
platforms:
- Income Producing Real Estate Investments: Acquiring
income producing real estate assets in major cities across the U.S.
Acquisitions are completed by the Corporation primarily in
joint-venture partnerships with local industry expert partners who
retain property management responsibilities; and
- Mortgage Debt Investments: Real estate debt and equity
lending platform in major cities across the U.S., 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, and include statements relating to the filing
of the (final) prospectus supplement and the timing thereof, the
potential issuance of securities of the Corporation, the amount and
price of securities that may be issued, the use of proceeds of the
Offering and the timing of the closing of the Offering.
Forward-looking statements necessarily involve known and unknown
risks, including those described in the Corporation's most recent
Annual Information Form and the Preliminary Supplement under
"Risk Factors" (copies of which can be obtained at
www.sedar.com). Such risks include, 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 Corporation holds properties; volatility of
real estate prices; 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 Corporation 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.
All forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. Except as
required by applicable law, the Corporation undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Neither the TSX Venture 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 Canaccord Genuity