McCoy Corporation
TSX : MCB

McCoy Corporation

June 14, 2007 09:18 ET

McCoy Corporation Announces Closing of Public Offering

EDMONTON, ALBERTA--(Marketwire - June 14, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES

McCoy Corporation (the "Corporation")(TSX:MCB) is pleased to announce it has closed its short form prospectus public offering led by Paradigm Capital Inc. and including Raymond James Ltd. (collectively, the "Agents"). The Corporation issued and sold 6.95 million common shares at $5.25 per common share and Foundation Equity Corporation, a major shareholder, sold 1.9 million common shares at $5.25 per common share. In addition, the Agents have exercised their option and have sold an additional 695,000 common shares.

The size of the total offering is in excess of $50 million, with the Corporation receiving gross proceeds of approximately $40 million and Foundation Equity Corporation receiving gross proceeds of approximately $10 million. As a result of the offering, Foundation Equity Corporation has reduced its ownership position in the Corporation to approximately 42% of the total issued shares.

The Corporation will use the net proceeds of the offering for working capital and to further the Corporation's corporate development plans.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, the common shares of McCoy in any jurisdiction, including the United States, or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of the common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The common shares being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States, or to, or for the account or benefit of, a U.S. person, absent U.S. registration or an applicable exemption therefrom.

About McCoy Corporation

McCoy Corporation is a publicly traded company listed on the Toronto Stock Exchange under the symbol "MCB". McCoy has three operating segments and employs approximately 800 individuals in Alberta and British Columbia.

Truck & Trailer Products & Services



The Real McCoy Service Centres (a)
Peerless Limited
Prairie Truck Ltd. (50%)


Specializes in equipment installation, suspension work, welding, safety inspections, brake service, alignments, frame straightening, axles and hydraulics for heavy-duty and some light-duty trucks.

Trailer Manufacturing



Scona Trailer Manufacturing (a)
Peerless Limited


Scona produces lowboys, flat decks, step decks, oilfield floats and specialty trailers.

Peerless is a market leader in the development of quality oilfield and logging trailers for Western Canada.

Energy Products & Services



Farr Canada (a)
Inotec Coatings and Hydraulics Inc.
Rebel Metal Fabricators Ltd.


Manufacture and service products for conventional and non-conventional oil and gas industry: hydraulic power tongs, tong trucks, trailer mounted hydrovac and vacuum tanks, computerized torque turn monitoring system, wear and corrosion resistant coatings and specialized hydraulic services.

(a) divisions of McCoy Corporation

This release may contain forward looking statements within the meaning of the "safe harbor" provisions of U.S. and other applicable laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. The Corporation does not assume any obligation to update any forward looking information contained in this news release.

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