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NEW YORK CITY-Nine million shares of American First Mortgage Investments Inc. have been priced for a public offering. The common stock will be offered at $7 per share and the company hopes to net a total profit of $58.5 million (after estimated expenses).

Friedman, Billings, Ramsey & Co. Inc. was the lead underwriter and America First has granted the underwriters an option, which they can exercise for 30 days, to purchase up to approximately 1.3 million of additional shares of common stock for the purpose of covering “over-allotments.” The co-manager of the offering was Tucker Anthony Sutro Capital Markets.

“I am extremely pleased at the success of this offering,” says Stewart Zimmerman, president and chief executive officer of America First. “Even in the current stock market environment, our underwriters were able to increase the size of the offering by 20% over the amount that we originally planned to sell. We look forward to using the new equity capital to expand on the success we have enjoyed during the past three years.”

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