SHARBOT LAKE, ON, May 3, 2024 /CNW/ - Frontenac Mortgage Investment Corporation ("FMIC") announces that it has filed amended and restated interim unaudited financial statements and related management's discussion and analysis ("MD&A") for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 (the "Restatement"). The Restatement is being filed with the agreement of the Ontario Securities Commission (the "OSC") following a review by the OSC and relates to the measurement of mortgage impairment provisions in accordance with International Financial Reporting Standards ("IFRS") for a loan package (the "Loans") that had been made to a borrower in relation to a large residential development property (the "Property") and has been impaired. As disclosed in FMIC's press release of April 30, 2024, the Restatement corrects an error in the application of IFRS to the expected credit losses of the Loans. In general terms, it involves reducing the estimated proceeds from a sale of the Property, increasing the estimated ...