Exchange Industrial Income Fund
TSX VENTURE : EIF.UN

Exchange Industrial Income Fund

January 11, 2007 16:56 ET

Exchange Industrial Income Fund Announces Private Placement Financing

WINNIPEG, MANITOBA--(CCNMatthews - Jan. 11, 2007) - Exchange Industrial Income Fund ("EIIF" or the "Fund") (TSX VENTURE:EIF.UN) announced today that it has entered into an agreement with a syndicate of Agents led by Desjardins Securities Inc. and Wellington West Capital Inc., and including CIBC World Markets Inc. ("the Agents"), for a marketed private placement offering ("the Offering"), of units (the "Units") on a best efforts basis. The issue size of the Offering is expected to be approximately $10,000,000 to $15,000,000.

The net proceeds of the Offering will be used to fund acquisitions including the targeted acquisition of The Water Blast Group and working capital purposes. The acquisition of the The Water Blast Group is expected to close during February 2007 and was previously announced by way of press release dated December 21, 2006.

The Units will be offered in the provinces of Quebec, Ontario, Manitoba, Saskatchewan, Alberta, British Columbia and the Northwest Territories according to applicable accredited investors requirement and in such jurisdictions outside of Canada (including the U.S. by private placement via Rule 144A).

The Offering is scheduled to close on or about February 15, 2007, subject to the receipt of all required regulatory and other approvals.

Additional information relating to the Fund, including all public filings, is available on SEDAR (www.sedar.com).

The TSX Venture Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Exchange Industrial Income Fund
    Mike Pyle
    President and CEO
    (204) 982-1850
    (240) 982-1855 (FAX)
    Email: mpyle@eig.ca
    Website: www.eiif.ca