FMIC PARTNERS IN A LARGE MORTGAGE DEAL
SHARBOT LAKE, ON, Nov. 4 /CNW/ - The Board of Directors of Frontenac Mortgage Investment Corporation (FMIC) approved a mortgage investment deal pari passu with the Mortgage Investment Corporation of Eastern Ontario (MICEO) on July 23, 2010 for $5.5 million. This is a change from the normal operating procedure as defined in the prospectus, of being the sole lender on a mortgage. The loan was made to build the infrastructure (roads, water, electricity and lighting) on a new development in Shelter Cove on Lake Erie. The amount required exceeded the limit of 10% of the assets of the corporation. FMIC currently has assets of over $32 million. FMIC shares the same Investment Fund Manager, Wayne Robinson, CFA, with MICEO. The Board of Directors has amended the Investment Policies to allow sharing of deals on a pari passu basis with MICEO.
FMIC is a mortgage investment corporation that pools investor funds and invests them in mortgages on Canadian properties. It is a prospectus product available to investors in Ontario, Manitoba, Saskatchewan, Alberta and British Columbia. For more information visit www.fmic.ca or call W. A. Robinson at 1-877-279-2116. All investors should perform due diligence on any company, advisor or broker before investing their money.
For further information:
visit www.fmic.ca or call W. A. Robinson at 1-877-279-2116