Timbercreek Financial Announces ATM Offering

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TORONTO, March 12, 2024 (GLOBE NEWSWIRE) -- Timbercreek Financial Corp. (TSX: TF) (“Timbercreek Financial” or the “Company”) today announced that it has re-established an at-the-market equity program (the “ATM Program”) that allows the Company to issue common shares from treasury (“Common Shares”) having an aggregate gross sales amount of up to $90 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”) and filed in all provinces and territories of Canada, to the base shelf prospectus dated March 5, 2024 (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 the terms of an equity distribution agreement dated the date hereof (the “Equity Distribution Agreement”) with National Bank Financial Inc.

Sales of the 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 “TSX”). The Common Shares will be distributed under the ATM Program at the market prices prevailing at the time of sale, and therefore prices may vary as between purchasers and over time. The ATM Program will be activated at the Company’s discretion and will end on the earlier of the date of distribution of the Maximum Amount and April 6, 2026.

“As discussed with our year-end earnings, we’re excited about the opportunities to generate increasingly strong returns for our shareholders, and re-focus on growth, as we exit this extended period of economic uncertainty,” said Blair Tamblyn, Chief Executive Officer of Timbercreek Financial. “The ATM Program will enable us to efficiently add incremental equity capital to the balance sheet when it’s beneficial 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, if and as required, repaying amounts owing under its secured revolving credit facility. The credit facility is used for day to day working capital requirements of the Company and for other general corporate purposes, particularly the funding of mortgage loans.