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Timbercreek Senior Mortgage Investment completes US$115 million IPO

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Raymond James, BMO Nesbitt Burns and TD Securities

On January 19, 2012, Timbercreek Senior Mortgage Investment Corporation (the "Company") announced that it had completed an initial public offering of 11,500,000 class A shares, which included the exercise of an overallotment option of 15%, for aggregate gross proceeds of $115,000,000. The class A shares were offered to the public by a syndicate of agents co-led by Raymond James Ltd., BMO Nesbitt Burns Inc. and TD Securities Inc., and including CIBC World Markets Inc., GMP Securities L.P., RBC Dominion Securities Inc., Manulife Securities Incorporated, Scotia Capital Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd. and National Bank Financial Inc. (the "Agents"). The Company will use the net proceeds from the offering to acquire and manage a diversified portfolio made up of first mortgages with customized terms that are secured by residential (including multi-residential) real estate as well as office, retail and industrial properties. The Company will be managed by Timbercreek Asset Management Ltd., who will also act as the portfolio advisor for the Company. The Agents were represented by a team of Fasken Martineau lawyers that included John Sabetti, Andrew Teehan (Corporate/Securities) and Mitchell Thaw (Tax).



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