TORONTO, June 14, 2019 (GLOBE NEWSWIRE) -- Terra Firma Capital Corporation (TSX-V: TII) ("Terra Firma" or the “Company”), announced today that subject to regulatory approval and pursuant to the terms of its share option plan, it has granted options on June 12, 2019, to Mr. John Kaplan in recognition for his services to the Company as Executive Chairman of the Board, to purchase an aggregate of 200,000 common shares of the Company at a price of $0.56 per share. The options are pursuant to a previous board approval providing for the grant of up to 1,000,000 options (600,000 of which have already been granted). 100,000 options vested immediately and the remaining 100,000 options shall vest in equal instalments on a quarterly basis over a six-month period and shall expire in seven years from the date of grant.
The Company also announced that under the terms of the employment agreement with Glenn Watchorn, its President and Chief Executive Officer, that subject to regulatory approval and pursuant to the terms of its share option plan, it has granted options to Mr. Watchorn to purchase an aggregate of 240,000 common shares of the Company at a price of $0.56 per share. The options shall vest in equal installments on a quarterly basis over a three-year period and shall expire in seven years from the date of grant.
About Terra Firma
Terra Firma is a full service, publicly traded real estate finance company that provides real estate financings secured by investment properties and real estate developments throughout Canada and the United States. The Company focuses on arranging and providing financing with flexible terms to real estate developers and owners who require shorter-term loans to bridge a transitional period of one to five years where they require capital at various stages of development or redevelopment of a property. These loans are typically repaid with lower cost, longer-term debt obtained from other Canadian financial institutions once the applicable transitional period is over or the redevelopment is complete, or from proceeds generated from the sale of the real estate assets. Terra Firma offers a full spectrum of real estate financing under the guidance of strict corporate governance, clarity and transparency. For further information please visit Terra Firma’s website at www.tfcc.ca.
The TSX-V has neither approved nor disapproved the contents of this press release. The TSX-V does not accept responsibility for the adequacy or accuracy of this press release.
For further information, please contact:
Terra Firma Capital Corporation
Glenn Watchorn
Chief Executive Officer
Phone: 416.792.4702
gwatchorn@tfcc.ca
or
Terra Firma Capital Corporation
Y. Dov Meyer
Executive Vice Chairman
Phone: 416.792.4709
ydmeyer@tfcc.ca
or
Ali Mahdavi
Managing Director
Spinnaker Capital Markets Inc.
Phone: 416.962.3300
am@spinnakercmi.com