~ TIMIA to pay the cash dividend payment to
shareholders of Series A Preferred Shares of record on March 15th ~
VANCOUVER, BC, Feb. 28, 2022 /CNW/ - TIMIA Capital
Corporation ("TIMIA" or the "Company") (TSXV: TCA) (OTCQB:
TIMCF), a leading innovator of technology in private credit, today
announced that the Company's board of directors has declared a
quarterly cash dividend of $0.02 per
Series A Preferred Shares ("Preferred Shares"), payable on
March 31, 2022, to Series A preferred
shareholders of record as at March 15,
2022. The Corporation's dividend payments qualify as an
'eligible dividend' for Canadian income tax purposes.
"Our business continues to be successful and reward preferred
share investors with cash dividends," said Mike Walkinshaw, CEO of TIMIA. "We are
encouraged by the rapid growth in loan origination as the overall
private credit market continues to be robust. The integration and
automation of Pivot Financial with TIMIA Capital's technology
platform is on track. We believe that our business will get
stronger in a rising rate environment as our loans remain
competitive with other alternatives."
Holders of Preferred Shares are entitled to receive fixed
non-cumulative preferential cash dividends, if, as and when
declared by the board of Directors of the Corporation at an annual
rate equal to $0.08 per Preferred
Share. Dividends, if declared, will be payable on the last day of
December, March, June and September in each year, or if such day is
not a business day, on the next business day, at a quarterly rate
of $0.02 per Preferred Share.
The Company also reported that, pursuant to the Normal Course
Issuer Bid announced February 24,
2021 for the purchase of up to 3.3 million common shares, it
has purchased 1.31 million shares and cancelled 1.27 million common
shares through the facilities of the TSX Venture Exchange and
alternative trading systems at a weighted average price of
$0.27. The remainder of 35,000 shares
are expected to be cancelled in the first quarter of 2022.
TIMIA also announces that its Board of Directors has approved
the grant of 700,000 stock options to staff and officers which are
exercisable into common shares of TIMIA at a price of $0.42 per common share in accordance with TSX
Venture Exchange Policy 4.4, subject to the rules of the TSX
Venture Exchange and the Company's Stock Option Plan. Of the
700,000 options, Officers received 320,000 with the staff receiving
the remainder. The options have a term of five years.
Organizations seeking innovative and non-dilutive financing are
invited to register online through TIMIA's fintech platform. Under
technology-based and asset-based origination models, TIMIA matches
non-dilutive capital to SaaS businesses with recurring revenue
streams, allowing the company to make monthly payments, made up of
a combination of principal and interest, with a repayment schedule
sculpted to its revenue streams. The amounts advanced are secured
and may be repaid early.
About TIMIA Capital Corporation
The Company utilizes a proprietary loan origination platform to
originate, underwrite and service private-market, high-yield loan
opportunities through two operating divisions: TIMIA Capital which
offers revenue-based investment to fast growing,
business-to-business Software-as-a-Service (or SaaS) businesses in
North America, and Pivot Financial
which specializes in asset-based private credit targeting
mid-market borrowers in Canada.
The Corporation deploys funds on behalf of limited partnerships,
institutions, retail investors, high net worth individuals, its
management team and shareholders. For more information about TIMIA
and SaaS lending, please visit www.timiacapital.com. For more
information about specialized private credit and Pivot please
visit: www.pivotfinancial.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Forward-Looking Information
Certain information and statements in this news release contain
and constitute forward-looking information or forward-looking
statements as defined under applicable securities laws
(collectively, "forward-looking statements"). Forward-looking
statements normally contain words like 'believe', 'expect',
'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may',
'will', 'should', 'ongoing' and similar expressions, and within
this news release include any statements (express or implied)
respecting the future growth of the company, the ongoing
integration and automation of Pivot Financial, beliefs that the
Company's business will get stronger in a rising rate environment,
the future declaration of dividends and expectations regarding
further purchases and cancellations under the Normal Course Issuer
Bid. Forward-looking statements are not guarantees of future
performance, actions, or developments and are based on
expectations, assumptions and other factors that management
currently believes are relevant, reasonable and appropriate in the
circumstances, including, without limitation, the following
assumptions: that the Company and its investee companies are able
to meet their respective future objectives and priorities,
assumptions concerning general economic growth and the absence of
unforeseen changes in the legislative and regulatory framework for
the Company. Although management believes that the forward-looking
statements are reasonable, actual results could be substantially
different due to the risks and uncertainties associated with and
inherent to Timia's business. Material risks and uncertainties
applicable to the forward-looking statements set out herein
include, but are not limited to, the Company having insufficient
financial resources to achieve its objectives; availability of
further investments that are appropriate for the Company on terms
that it finds acceptable or at all; successful completion of exits
from investments on terms that constitute a gain when no such exits
are currently anticipated; intense competition in all aspects of
business; reliance on limited management resources; general
economic risks; new laws and regulations and risk of litigation.
Although Timia has attempted to identify factors that may cause
actual actions, events or results to differ materially from those
disclosed in the forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, predicted, estimated or intended. Also, many of the
factors are beyond the control of Timia. Accordingly, readers
should not place undue reliance on forward-looking statements.
Timia undertakes no obligation to reissue or update any
forward-looking statements as a result of new information or events
after the date hereof except as may be required by law. All
forward-looking statements contained in this news release are
qualified by this cautionary statement.
SOURCE TIMIA Capital Corp.