Firm Capital Property Trust closed the first tranche of its nonbrokered private placement to raise up to C$7.0 million in gross proceeds by issuing up to 1,120,000 units.
The issue price for the units is C$6.25 apiece.
The trust has issued 508,000 units to a number of qualified investors for gross proceeds of roughly C$3.2 million.
The remainder of the private placement is expected to close during January 2018.
The proceeds will be used to finance real estate acquisitions, repay debt and for working capital purposes.