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Timbercreek Financial to raise C$20M via private share placement

Toronto-based Timbercreek Financial Corp. plans to raise gross proceeds of up to C$20 million via a private placement of new common shares priced at C$9.22 apiece.

The mortgage lender may pay certain registered dealers a cash commission of up to 2% of the gross proceeds.

Net proceeds of the offering will be channeled toward repayment of a secured revolving credit facility, and the company will draw on the facility to fund potential investments.