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Firm Capital Property closes 1st tranche of private placement of trust units

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.