~ TIMIA to pay the cash dividend payment to shareholders of Series A Preferred Shares of record on March 15th ~
VANCOUVER, BC – February 28, 2022 – TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V: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
For more information, please contact:
Tim McNulty / Darren Seed
Incite Capital Markets
Mike Walkinshaw, CEO
TIMIA Capital Corporation
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.
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.