Daylight Resources Trust

Daylight Resources Trust

April 15, 2009 07:59 ET

Daylight Resources Trust Announces $125 Million Public Offering of Trust Units

CALGARY, ALBERTA--(Marketwire - April 15, 2009) -


Daylight Resources Trust ("Daylight" or the "Trust")(TSX:DAY.UN) announced today that it has reached an agreement with a syndicate of underwriters co-led by GMP Securities L.P. and CIBC World Markets Inc. (collectively, the "Underwriters"), pursuant to which the Trust will issue on a "bought-deal" basis, subject to regulatory approval, 17,858,000 Trust units at a price of $7.00 per Trust unit, for gross proceeds of $125,006,000 (the "Offering"). The Trust has granted to the Underwriters an over-allotment option to purchase up to an additional 2,678,000 Trust units at the same offering price, exercisable in whole or in part at any time for a period of up to 30 days following the closing of the Offering, to cover over-allotments which, if exercised, would increase the total gross proceeds of the Offering to $143,752,000.

Net proceeds from the Offering will be used by the Trust to reduce outstanding borrowings under Daylight's credit facilities, fund future growth initiatives and for general corporate purposes. The Offering is subject to normal regulatory approvals, including approval of the TSX. Trust units will be offered in each of the provinces of Canada, other than the provinces of Quebec and Prince Edward Island, by way of a short form prospectus and by way of private placement in the United States pursuant to exemptions from the registration requirements pursuant to Rule 144A and/or Regulation D of the United States Securities Act of 1933. Closing of the Offering is expected to occur on or about May 7, 2009. Purchasers of Trust units under the Offering who continue to hold such units will be eligible to receive the distribution to be paid on June 15, 2009 to holders of record on May 29, 2009.

Daylight's high-end technical team integrates and emphasizes our exploitation, reservoir engineering, production optimization, geological and geophysical expertise to identify and capture reserves and production addition opportunities for the delivery of long-term value creation to our Unitholders. Our team has developed a multi-year inventory of repeatable, low risk exploitation projects with substantial potential reserve additions on assets we currently own and control. Daylight's inventory includes a significant depth of prospects across our high quality asset base. Daylight has approximately 90 million Trust units currently outstanding which trade on the TSX under the symbol DAY.UN. Daylight Series A, Series B, and Series C convertible debentures trade on the TSX under the symbols DAY.DB, DAY.DB.B and DAY.DB.C respectively.


Forward-looking Statements: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated filing of the short form prospectus, closing date of the Offering and the anticipated use of the net proceeds of the Offering. Although the Trust believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Trust can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

The closing of the Offering could be delayed if the Trust is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The Offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the Offering will not be completed within the anticipated time or at all.

The intended use of the net proceeds of the Offering by the Trust might change if the board of directors of Daylight Energy Ltd., the administrator of the Trust, determines that it would be in the best interests of the Trust to deploy the proceeds for some other purpose.

The forward-looking statements contained in this press release are made as of the date hereof and the Trust undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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