TORONTO, ONTARIO--(Marketwired - July 18, 2016) - Eclipse Residential Mortgage Investment Corporation (TSX:ERM) (the "Company") has renewed its normal course issuer bid to purchase up to 216,400 class A shares (the "Shares") of the Company representing approximately 10% of the public float of 2,164,108 Shares. The Company may purchase up to 50,113 Shares in any 30 day period which is 2% of the 2,505,698 issued and outstanding Shares at July 11, 2016.
As of July 11, 2016, the Company had purchased 131,800 Shares under its current bid at an average price of $9.07 per Share.
The Shares may be purchased for cancellation from July 21, 2016 to July 20, 2017 through the facilities of the TSX or other alternative Canadian trading system and may only be purchased at a price per Share not exceeding the last published net asset value per Share. The Company believes that such purchases are in its best interest and are a desirable use of its available funds.
About Brompton Funds
Brompton Funds, a division of Brompton Group which was founded in 2000, is an experienced investment fund manager with approximately $2 billion in assets under management. Brompton's investment solutions include TSX listed closed-end funds, mutual funds, hedge funds and flow-through limited partnerships. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email firstname.lastname@example.org or visit our website at www.bromptongroup.com.
About MCAP Financial Corporation
One of Canada's largest mortgage financing companies, MCAP Financial Corporation originates and services all mortgages for Eclipse. MCAP has more than 20 years of experience underwriting and servicing Canadian Single Family Residential Mortgages, with over $50 billion in mortgage assets managed for banks, lifecos, credit unions and institutional investors.
You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an "exchange"). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.
There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the Company. You can find more detailed information about the Company in the public filings available at www.sedar.com. Investment funds are not guaranteed, their values 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 press 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. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.