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

Daylight Resources Trust

December 19, 2008 08:36 ET

Daylight Resources Trust Announces Closing of $75,000,000 Convertible Unsecured Subordinated Debenture Financing

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2008) -

Daylight Resources Trust (TSX:DAY.UN) ("Daylight") is pleased to announce today's closing of its previously announced "bought deal" financing. At closing, $75,000,000 principal amount of 10% convertible unsecured subordinated debentures, Series C (the "Series C Debentures") were issued. The Series C Debentures are listed and posted for trading on the TSX under the symbol "DAY.DB.C".

The Series C Debentures have a face value of $1,000 per Debenture, a coupon of 10%, a maturity date of December 31, 2013 and are convertible into trust units of Daylight at a price of $9.60 per trust unit. The Series C Debentures pay interest semi-annually on June 30 and December 31, commencing with the initial interest payment on June 30, 2009.

The offering was underwritten by an underwriting syndicate co-led by Scotia Capital Inc. and CIBC World Markets Inc. and included National Bank Financial Inc., BMO Capital Markets, GMP Securities L.P., Canaccord Capital Corporation and Dundee Securities Corporation.

The net proceeds of the Offering will be used by the Trust to reduce the indebtedness under its Credit Facilities, which will be redrawn, as needed, to fund the Trust's ongoing oil and gas exploration, development and acquisition activities and for general working capital purposes.

Daylight Resources Trust is a Calgary-based, open-ended, unincorporated investment trust with a high quality balanced natural gas and crude oil property base, extensive prospect inventory and large undeveloped land base that is managed by a team of highly skilled technical professionals. Daylight's properties include focused high potential assets in the Peace River Arch and West Central Alberta complemented by stable production and repeatable opportunities in Southern and Eastern Alberta. Daylight's prospect inventory is balanced across natural gas and crude oil with near, medium, long-term and high impact opportunities. Daylight's large undeveloped land base provides additional prospects to create value through our experienced technical teams as well as through selective farm outs to targeted industry partners. 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.

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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