Firm Capital Mortgage Investment Corporation Announces $20 Million Bought Deal Financing

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TORONTO, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX: FC) is pleased to announce that it has entered into an agreement to sell, on a bought deal basis, to a syndicate of underwriters bookrun by CIBC Capital Markets and TD Securities, $20,000,000 aggregate principal amount of 5.50% convertible unsecured subordinated debentures due December 31, 2032 (the “Debentures”) at a price of $1,000 per Debenture. The Corporation has granted the underwriters an over-allotment option to purchase up to $3,000,000 additional aggregate principal amount of Debentures at the same price, exercisable, in whole or in part, at any time until 30 days following the closing of the offering. If the over-allotment option is exercised in full, the gross proceeds of the offering will total $23,000,000.

The net proceeds of the offering will be used for debt repayment and for general corporate purposes.

The offering of Debentures is expected to close on or about October 14, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.

The Debentures will bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on the last day of June and December in each year, commencing on December 31, 2025, and will mature on December 31, 2032 (the “Maturity Date”). The Debentures will be convertible at the holder’s option into common shares of the Corporation (the “Shares”) at any time prior to the close of business on the earlier of the Maturity Date and the business day immediately preceding the date fixed for redemption at a conversion price of $14.06 per Share (the “Conversion Price”), subject to adjustment in certain circumstances.

The Debentures will not be redeemable before December 31, 2028. On and after December 31, 2028 and prior to December 31, 2030, the Debentures will be redeemable in whole or in part from time to time at the Corporation’s option at par plus accrued and unpaid interest, provided that the weighted average trading price of the Shares on the Toronto Stock Exchange during the 20 consecutive trading days ending on the fifth trading day preceding the date on which notice of redemption is given is not less than 125% of the Conversion Price. On and after December 31, 2030, the Debentures will be redeemable, in whole or in part, from time to time at the Corporation’s option at any time at par plus accrued and unpaid interest.