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Firm Capital Property grosses C$9M in private placement

Firm Capital Property Trust grossed about C$9.0 million total at the close of the second tranche of its nonbrokered private placement of 1,436,840 trust units.

In the second tranche, the company closed on 296,800 trust units for gross proceeds of about C$1.9 million.

The diversified real estate investment trust initially offered about 2.4 million trust units, at C$6.25 apiece, to raise gross proceeds of up to C$15.0 million.

The net proceeds will be used to finance prospective purchases, to settle amounts drawn under the trust's credit facility and for working capital and general business purposes.