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TORONTO, June 18, 2021 (GLOBE NEWSWIRE) – Timbercreek Financial Corp. (TSX: TF) (“Timbercreek Financial“or the”Company“) announced today that it has implemented a program of actions in the market (the”ATM program“) which allows the Company to issue common shares from the treasury (“Ordinary actions“) having a total gross sales amount of up to $ 90 million (the”Maximum quantity) To the public from time to time, at the discretion of the Company. The ATM Program is established pursuant to a Prospectus Supplement, dated the date hereof (the “”Brochure supplement“) And filed in all provinces and territories of Canada, in the base shelf prospectus dated June 10, 2021 (the”Reference prospectus“And collectively with the prospectus supplement, the”Prospectus“).
Sales of Common Shares through the ATM Program will be made in accordance with and subject to the terms of an Equity Distribution Agreement dated the date hereof (the “Share distribution agreement”) With National Bank Financial Inc.
Sales of common shares will be made through “market distributions” as defined in National Instrument 44-102 – Shelf distributions, including sales made directly to the Toronto Stock Exchange (the “TSX“). The common shares will be distributed under the ATM program at market prices prevailing at the time of sale and, therefore, prices may vary between buyers and over time. The ATM Program will be activated at the discretion of the Company and will end on the Maximum Amount distribution date and July 11, 2023.
“Timbercreek Financial is fortunate to have a strong presence in the industry and has developed strong relationships with borrowers and brokers who continue to provide attractive risk / reward opportunities from which it maintains a strong pipeline of transactions. The company is committed to diversifying its sources of capital to fund mortgage origination and return-enhanced portfolio investments, ”said Blair Tamblyn, CEO of Timbercreek Financial. “The ATM program will allow the company to raise capital opportunistically, efficiently and in a manner that will be accretive to shareholders. “
The Company currently intends to use the net proceeds, if any, of the ATM program for general investment and working capital purposes, including, where applicable, the repayment of amounts due under its secured revolving credit facility. The credit facility is used for the day-to-day working capital requirements of the Company and for other general business purposes, in particular the financing of mortgage loans.
The Prospectus Supplement, together with the Base Shelf Prospectus, have been filed with the securities commissions of all provinces and territories of Canada. The Prospectus contains important detailed information about the securities offered. Before investing, you should read the Prospectus and other documents that the Company has filed for more complete information about the Company and the ATM program. Copies of the share distribution agreement and prospectus will be available under the company profile at www.sedar.com.
About Timbercreek Financial
Timbercreek Financial is a leading non-bank commercial real estate lender providing shorter term structured finance solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms not typically offered by Canadian financial institutions. By employing rigorous underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors.
This press release contains forward-looking statements about Timbercreek Financial, including, but not limited to, the anticipated sales of common shares through the ATM program and the proposed use of proceeds from the ATM program. Forward-looking statements are generally identified by words such as “expect”, “anticipate”, “believe”, “expect”, “might”, “intend”, “plan”, “seek”, “Endeavor”, “”, “may”, “potential” and “should” and similar expressions concerning matters which are not historical facts. By their nature, forward-looking statements reflect the current opinions, beliefs, assumptions and intentions of the Company, and are subject to certain risks and uncertainties, known and unknown, including, without limitation, the risks disclosed in the public documents of the Company. Society. Many factors could cause actual results, performance or achievements to differ materially from future results, performance or achievements that could be expressed or implied by such forward-looking statements. The Company does not intend or assume any obligation to update these forward-looking statements, whether as a result of new information, plans, events or otherwise, except as required by law.
No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this document. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Chief executive officer