TORONTO, ONTARIO--(Marketwired - Jan. 26, 2017) - Eclipse Residential Mortgage Investment Corporation (TSX:ERM) (the "Company") has received approval for a normal course issuer bid to purchase up to 145,900 common shares (the "Shares") of the Company representing approximately 8.2% of the public float of 1,764,463 Shares.
The Company's previous normal course issuer bid terminated at the close of business on January 3, 2017 in conjunction with the transition of the Company from the Canadian securities regulatory regime for investment funds to the regulatory regime for reporting issuers that are not investment funds which occurred on January 4, 2017.
Under the Company's previous issuer bid, the Company purchased 30,500 Shares at an average price of $9.35 per Share.
The Shares may be purchased for cancellation from January 31, 2017 to January 30, 2018 through the facilities of the TSX or other alternative Canadian trading system. Shares may be purchased at the then current market price at the time of acquisition in the open market. The Company believes that such purchases are in its best interest and are a desirable use of its available funds. The Company's average daily trading volume for the period July 1, 2016 to December 31, 2016 was 1,580 Shares. The Company may purchase up to 1,000 Shares per day under its normal course issuer bid.
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 traded funds, mutual 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 email@example.com 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 $60 billion in mortgage assets managed for banks, lifecos, credit unions and institutional investors.
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.