22 Contingencies 23 Subsequent  Events 24 Comparative Amounts (a) The Company is contingently liable, jointly and severally for approximately $19.1 million (2002 – $9.7 million) to various lenders in connection with loans advanced to its joint-venture partners secured by the partners’ interest in the joint ventures. (b) The Company is also contingently liable for letters of credit in the amount of $11.6 million (2002 – $8.5 million) issued in the ordinary course of business. (a) On March 1, 2004, in accordance with the terms of the 7.0% convertible debentures, 229,051 common shares were issued to pay interest to holders of the Company’s 7.0% convertible debentures.  (b) On March 11, 2004, the Company issued 3,366,000 common shares in a bought deal with a syndicate of underwriters, at a price of $16.30 per common share, for total gross proceeds of approximately $54.9 million.  (c) Subsequent to year end, the Company purchased ten properties and two land sites for development for $76.5 million. Consideration paid was $45.4 million in cash, $9.8 million in assumed mortgages, $19.3 million in new mortgage financing and a $2.0 million vendor take back mortgage. (d) Subsequent to year end, 2,481,140 share purchase warrants were exercised at $11.80, resulting in the issuance of 2,481,140 common shares, and proceeds to the Company of $29.3 million. Certain comparative amounts have been reclassified to reflect the current year’s presentation. 67 First Capital Realty Annual Report 2003