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Timbercreek Senior Mortgage Investment raises US$60.4 million in public offering

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Confidential Client

On January 8, 2013, Timbercreek Senior Mortgage Investment Corporation (the "Company") announced that it had completed an offering of 5,916,446 class A shares and 220,559 class B shares (the "Offering"). The class A shares and class B shares were offered to the public by a syndicate of agents led by CIBC, Raymond James Ltd., RBC Capital Markets and TD Securities Inc. and including GMP Securities L.P., National Bank Financial Inc., BMO Capital Markets, Scotiabank, Macquarie Capital Markets Canada Ltd., Manulife Securities Incorporated and Canaccord Genuity Corp. The Company will use a substantial amount of the net proceeds of the Offering to pay down amounts owed under its credit facility. The Company intends to use substantially all of the remaining balance of the net proceeds to fund investments in, and other costs associated with, first mortgages with customized terms from time to time in a manner consistent with the investment objectives and the investment strategies of the Company, with any remaining balance of the net proceeds being used by the Company for general working capital expenditures. The Company is managed by Timbercreek Asset Management Ltd., who also acts as the portfolio advisor for the Company. The class A shares are listed on the Toronto Stock Exchange. The class B shares are designated for fee-based accounts with a registered dealer or institutional investors and will not be listed on a stock exchange, but are convertible into class A shares of the Company. The Agents were represented by a team of Fasken Martineau lawyers that included John Sabetti and Francesco Tallarico (corporate/securities), Dugan Edmison (real estate) and Mitchell Thaw (tax).



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