Eclipse Residential Mortgage Investment Corporation

Eclipse Residential Mortgage Investment Corporation

May 31, 2013 09:57 ET

Eclipse Residential Mortgage Investment Corporation Files Final Prospectus

TORONTO, ONTARIO--(Marketwired - May 31, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Brompton Funds Limited (the "Manager") and MCAP Financial Corporation (together with its affiliates and subsidiaries, "MCAP") are pleased to announce that Eclipse Residential Mortgage Investment Corporation (the "Company") has filed a final prospectus relating to a public offering of a maximum of 10,000,000 class A shares at a price of $10.00 per share.

The Company's class A shares have been conditionally approved for listing on the Toronto Stock Exchange ("TSX"), subject to the Company fulfilling the TSX requirements. Trading of the shares under the symbol ERM is expected to commence on the anticipated closing date, June 28, 2013.

The investment objectives of the Company are to acquire and maintain a diversified portfolio (the "Mortgage Portfolio") comprised primarily of single family residential mortgages that seeks to preserve capital and generate sufficient income to permit the Company to pay monthly distributions to the holders of the Company's class A shares. The initial indicative distribution amount will be approximately $0.05 per class A share per month ($0.60 per annum) representing a cash distribution of 6% per annum based on the $10.00 issue price.

MCAP will source and service the Mortgage Portfolio and provide mortgage consulting services to the Manager. MCAP and its predecessors have been originating and servicing mortgages in Canada for over 20 years. MCAP originates and services mortgages for a wide variety of major Canadian institutions seeking exposure to the Canadian mortgage market. MCAP currently services approximately $36 billion in mortgages, approximately $33.6 billion of which is invested in single family residential mortgages.

The Manager (together with its affiliates) and MCAP have each agreed to acquire at least $3 million of class A shares under the offering for an aggregate investment of at least $6 million.

The syndicate of agents for the offering is being led by RBC Capital Markets, CIBC and TD Securities Inc. and includes BMO Capital Markets, National Bank Financial Inc., Scotiabank, Raymond James Ltd., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Manulife Securities Incorporated, Desjardins Securities Inc. and Mackie Research Capital Corporation.

For further information, please contact your financial advisor, call our investor relations line at 416-642-9051, (toll-free at 1-866-642-6001) or visit our website at www.bromptongroup.com.

About Brompton Funds

Brompton Funds, a division of Brompton Group, is an experienced investment fund manager operating since 2002. Brompton is focused on meeting the needs of investors by offering low cost, innovative products with client friendly terms and supported by strong corporate governance.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision. Copies of the prospectus may be obtained from any of the above-mentioned agents.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Company's publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, values may change frequently and past performance may not be repeated.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Company, to the future outlook of the Company and anticipated events or results and may include statements regarding the future financial performance of the Company. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

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