Phoenix Technology Income Fund
TSX : PHX.UN

Phoenix Technology Income Fund

November 27, 2009 08:45 ET

Phoenix Technology Income Fund Completes Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Nov. 27, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Phoenix Technology Income Fund ("Phoenix") (TSX:PHX.UN) is pleased to announce that it has closed its previously announced offering of 2,000,000 trust units ("Trust Units") at $7.50 per Trust Unit for gross proceeds of $15 million through a syndicate of underwriters led by Peters & Co. Limited and including Cormark Securities Inc., CIBC World Markets Inc. and FirstEnergy Capital Corp.

About Phoenix Technology Income Fund

Phoenix provides horizontal and directional drilling services to oil and natural gas exploration and development companies in Canada, the United States, Peru and Albania. The Trust Units are listed on the Toronto Stock Exchange under the symbol "PHX.UN".

The securities offered will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • Phoenix Technology Income Fund
    John Hooks
    President and Chief Executive Officer
    (403) 543-4466
    or
    Phoenix Technology Income Fund
    Cameron Ritchie
    Chief Financial Officer
    (403) 543-4466
    www.phoenixcan.com