TIMIA Capital Corporation (TSX-Venture:TCA) could scarcely wait till the opening bell on Monday to loose its latest developments on investors.
The Vancouver-based TCA, a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue, announced the set up of $10.5 million in its first Limited Partnership ("LP").
External investors will invest $7.6 million in the LP with TIMIA retaining a $2.4-million interest. Additional subscription agreements totaling $500,000 have been received and are expected to close shortly for a total LP value of $10.5 million.
TIMIA Capital will retain at least a 20% interest in the LP, thus still participating in a proportionate share of the revenue from the current investment portfolio while increasing its consolidated cash position to approximately $8.7 million.
Assets under management are anticipated to climb from approximately $15 million to approximately $23 million, representing roughly a 55% increase,
According to CEO Mike Walkinshaw, "This transaction is a significant milestone for the Company and its shareholders and reflects the confidence of investors in our strategy and ability to source quality investments.”
TIMIA shares acquired half a cent, or 2.9%, to 18 cents, late Monday morning, based on volume of 45,000 shares