Lakeport Brewing Income Fund

Lakeport Brewing Income Fund

June 10, 2005 15:38 ET

Lakeport Brewing Income Fund Files Final Prospectus

TORONTO, ONTARIO--(CCNMatthews - June 10, 2005) -

Not for distribution to U.S. news wire services or dissemination in the United States.

Lakeport Brewing Income Fund announced today that it has filed a final prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with the initial public offering of units of Lakeport Brewing Income Fund. The $51,957,460 offering is for 5,195,746 units at a price of $10.00 per unit. Based on the offering size and price, the units are expected to produce an initial yield of 10.75% annually through the payment of monthly distributions. The initial public offering is expected to close on or about June 21, 2005.

The Toronto Stock Exchange has conditionally approved the listing of the units under the symbol "TFR.UN", subject to the Fund fulfilling all of the requirements of the TSX on or before August 31, 2005.

The offering was underwritten by a syndicate of underwriters consisting of Scotia Capital Inc., RBC Capital Markets, Westwind Partners Inc. and National Bank Financial Inc. The Fund has granted the underwriters an over-allotment option to acquire a further 259,788 units exercisable for a period of 30 days following the closing of the offering.

On closing, the Fund will indirectly hold a 76.4% interest in Lakeport Brewing Limited Partnership (80% if the over-allotment option is exercised), which will own and operate the business and assets of Lakeport Brewing Corporation, an Ontario-based, diversified brewing company focused on producing quality beer for the value segment of the take-home market. The remaining 23.6% interest in Lakeport Brewing Limited Partnership will be retained by the current shareholder, initially in the form of a subordinated interest of 20% and an exchangeable interest of 3.6%.

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

The final prospectus of Lakeport will be available on SEDAR at www.sedar.com in the normal course.

Contact Information

  • Lakeport Brewing Income Fund
    Teresa Cascioli
    Chair and Chief Executive Officer
    (905) 523-1170