Daylight Resources Trust
TSX : DAY.UN
TSX : DAY.DB
TSX : DAY.DB.B
TSX : DAY.DB.C

Daylight Resources Trust

May 07, 2009 08:50 ET

Daylight Resources Trust Announces Closing of $172 Million Public Offering of Trust Units

CALGARY, ALBERTA--(Marketwire - May 7, 2009) - Daylight Resources Trust ("Daylight") (TSX:DAY.UN) is pleased to announce today's closing of its previously announced "bought deal" financing (the "Offering"). At closing, an aggregate of 24,630,000 trust units of Daylight ("Trust Units") were issued at a price of $7.00 per Trust Unit for aggregate gross proceeds of $172,410,000 which includes the exercise, in full, of the over-allotment option granted to the underwriters of the Offering.

The Offering was underwritten by an underwriting syndicate co-led by GMP Securities L.P. and CIBC World Markets Inc. and included BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Canaccord Capital Corporation, Cormark Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., FirstEnergy Capital Corp. and Thomas Weisel Partners Canada Inc.

The net proceeds of the Offering will initially be used by the Trust to reduce the bank debt drawn under the Trust's Credit Facilities, which will be available to be redrawn, as required, to fund the Trust's capital expenditure program and ongoing oil and gas exploration, exploitation, development and acquisition activities and for general working capital purposes.

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. With the closing of the Offering, Daylight has approximately 115.2 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.

ADVISORY:

Forward-looking Statements: This press release contains forward-looking statements. More particularly, this press release contains statements concerning 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 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.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

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