Family Memorials Inc.

Family Memorials Inc.

November 30, 2007 16:32 ET

Family Memorials Inc.: First Closing of Private Placement

THUNDER BAY, ONTARIO--(Marketwire - Nov. 30, 2007) - Family Memorials Inc. (TSX VENTURE:FAM) (the "Corporation") is pleased to announce that it has completed an initial closing of its previously announced private placement of up to 2,500,000 units ("Units") of the Corporation (the "Private Placement"), each Unit consisting of one common share of the Corporation and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder to purchase one common share of the Corporation at an exercise price of $0.40 per common share for a period of 12 months from the date of issuance. The initial closing comprised 1,243,333 Units at a price of $0.30 per Unit, for gross proceeds of $372,999.90.

All Common Shares, Warrants, and common shares issuable upon the exercise of the Warrants are restricted from trading until March 27, 2008.

Leede Financial Markets Inc. ("Leede") acted as lead agent pursuant to the Private Placement and has been paid a cash commission equal to 10% of the gross proceeds. In addition, Leede and its sub-agents, Blackmont Capital Inc. and Wellington West Capital Inc., were granted options to purchase, in the aggregate 124,333 Units of the Corporation at a price of $0.30 per Unit, expiring May 26, 2009.

The Corporation anticipates a further closing of the Private Placement before December 17, 2007.

About Family Memorials

The Corporation is in the business of consolidating retail businesses selling granite monuments for placement on individual cemetery lots. Family Memorials Inc. has eight Canadian sales outlets. Family Memorials carries on business through its wholly-owned subsidiaries Grajack Industries Ltd. in Belleville, Ontario; Verduyn Granite Ltd., in Peterborough, Ontario; Barber Monuments in St. Catharines, Ontario; and Somerville Memorials Ltd. in Calgary, Alberta; and under the Family Memorials banner in Brandon, Manitoba, Regina, Saskatchewan, and Calgary, Alberta, and in Swan River, Manitoba through its exclusive agent, Heritage Memorial Gardens.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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