TIMIA Capital Corporation (TIMIA), a specialist in private credit, is to acquire Brightpath Capital Corporation and Brightpath Residential Mortgage LP I (collectively, Brightpath), a Canadian private provider of residential mortgages focused on Ontario and British Columbia, for a purchase price of approximately $30.5 million.
The deal price comprises a combination of 31,250,000 common shares (Common Shares) with a deemed value of $0.40 per share and 18,000,000 series A preferred shares (Preferred Shares) with a deemed value of $1.00 per share.
The Brightpath management team will continue to operate the mortgage lending company.
