Canadian Equipment Rental Fund Limited Partnership

December 21, 2010 08:56 ET

Canadian Equipment Rental Fund Limited Partnership Closes Previously Announced Equity Financing

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2010) -


Canadian Equipment Rental Fund Limited Partnership ("CERF LP" or the "Partnership") (TSX VENTURE:CFL.UN) has closed its short form prospectus offering of 2,500,000 limited partnership units ("Units") of CERF LP at a price of $2.50 per Unit, for gross proceeds of a $6,250,000 (the "Offering"). Union Securities Ltd. acted as lead agent for the Offering to a syndicate that also included Canaccord Genuity Corp. and M Partners Inc. (collectively, the "Agents").

The proceeds of the Offering will initially be used to pay down outstanding bank debt, and subsequently to finance capital expenditures and for general partnership purposes.

In consideration for their services in connection with the Offering, the Agents and their designated sub-agents were paid a commission equal to $366,600 and agents' options to purchase 146,640 Units exercisable for twelve months at a price of $2.50 per Unit.

CERF LP is an Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF LP trades on the TSX Venture Exchange under the symbol "CFL.UN" and before the issuance of Units under the Offering, had 6,116,450 Units issued and outstanding.

Forward-Looking Statements

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including the anticipated use of the net proceeds of the Offering. The intended use of the net proceeds of the Offering by the Partnership might change if the board of directors of CERF GP Corp., the general partner of the Partnership, determines that it would be in the best interests of the Partnership to deploy the proceeds for some other purpose. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Partnership's control, including the impact of general economic conditions, industry conditions, currency fluctuations, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Partnership believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Partnership does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account of benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • CERF GP Corp., general partner of CERF LP
    Wayne Wadley
    President and CEO
    (403) 850-4095
    CERF GP Corp., general partner of CERF LP
    Ken Stephens
    (403) 298-8695
    (403) 269-3540 (FAX)