TORONTO, Aug. 30, 2016 /CNW/ - Firm Capital Mortgage
Investment Corporation ("FCMIC") (TSX: FC) announces a 50%
increase in the discount rate on its Dividend Reinvestment Plan
(the "DRIP") to 3% on shares issued from treasury.
Shareholders may elect to reinvest their dividends in FCMIC
Common Shares at a 3% discount on shares issued from treasury. The
new terms apply to shareholders of record who are entitled to cash
dividends and have elected to participate in the DRIP for dividends
paid on and after September 15,
2016.
The DRIP provides eligible beneficial holders of shares an
attractive opportunity to reinvest their eligible cash dividends
for additional FCMIC shares. Participants do not pay any costs
associated with this plan, including brokerage commissions.
For further information or to join the DRIP, shareholders should
contact their financial adviser or broker and should review the
DRIP Plan on www.firmcapital.com.
About The Corporation
Where Mortgage Deals Get Done®
The Corporation, through its mortgage banker, Firm Capital
Corporation, is a non-bank lender providing residential and
commercial short-term bridge and conventional real estate
financing, including construction, mezzanine and equity
investments. The Corporation's investment objective is the
preservation of shareholders' equity, while providing shareholders
with a stable stream of monthly dividends from investments. The
Corporation achieves its investment objectives through investments
in selected niche markets that are under-serviced by large lending
institutions. Lending activities to date continue to develop a
diversified mortgage portfolio, producing a stable return to
shareholders. The Corporation is a Mortgage Investment Corporation
(MIC) as defined in the Income Tax Act (Canada). Accordingly, The Corporation is not
taxed on income provided that its taxable income is paid to its
shareholders in the form of dividends within 90 days after
December 31 each year. Such dividends
are generally treated by shareholders as interest income, so that
each shareholder is in the same position as if the mortgage
investments made by the company had been made directly by the
shareholder. Full reports of the financial results of the
Corporation for the year are outlined in the audited financial
statements and the related management discussion and analysis of
Corporation, available on the SEDAR website at www.sedar.com.
In addition, supplemental information is available on Corporation's
website at www.firmcapital.com.
Boutique Mortgage Lenders®
SOURCE Firm Capital Mortgage Investment Corporation
