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Press release from CNW Group

Firm Capital Mortgage Investment Trust Closes Exercise of Underwriters' Over-Allotment Option

Friday, November 05, 2010

Firm Capital Mortgage Investment Trust Closes Exercise of Underwriters' Over-Allotment Option08:45 EDT Friday, November 05, 2010TSX Symbol: FC.UN/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/TORONTO, Nov. 5 /CNW/ - Firm Capital Mortgage Investment Trust ("the Trust") (TSX: FC.UN) today announced that it has issued an additional $3,943,000 principal amount of 5.75% convertible unsecured subordinated debentures, due October 31, 2017 (the "Debentures") pursuant to the exercise of the over-allotment option granted to the underwriters in connection with the Trust's previously announced offering of $27,500,000 aggregate principal amount of Debentures, which closed on October 13, 2010.  Each Debenture is convertible into Units at the option of the holder at a conversion price of $15.90 per unit (or 62.8931 Units per $1,000 principal amount of Debentures).  The Debentures are listed and posted for trading on the TSX under the symbol FC.DB.A.The offering was underwritten by a syndicate of underwriters led by TD Securities Inc. and including CIBC World Markets Inc., Dundee Securities Corporation, Canaccord Genuity Corp., Desjardins Securities Inc., and National Bank Financial Inc.The net proceeds of the offering will be used to repay debt, to fund future mortgage investments and for general Trust purposes.The securities being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except in limited circumstances.About The TrustThe Trust, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Trust's investment objective is the preservation of Unitholders' equity, while providing Unitholders with a stable stream of monthly distributions from investments. The Trust achieves its investment objectives through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to Unitholders. Full reports of the financial results of the Trust are outlined in the Financial Statements and the related Management Discussion and Analysis of the Trust, available on the SEDAR website at further information: Firm Capital Mortgage Investment Trust Eli Dadouch President & Chief Executive Officer (416) 635-0221