TERRAVEST INCOME FUND
TSX : TI.UN

TERRAVEST INCOME FUND

July 08, 2005 10:11 ET

TerraVest Income Fund Announces Completion of Public Offering

VEGREVILLE, ALBERTA--(CCNMatthews - July 8, 2005) -

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

TerraVest Income Fund (TSX:TI.UN) announced today the successful completion of an offering by the Fund of 2,550,000 trust units at a price of $13.75 per trust unit for gross proceeds to the Fund of $35,062,500, which includes the exercise, in full, of an underwriters' option for 350,000 trust units, through a syndicate of underwriters led by RBC Capital Markets and including Clarus Securities Inc., Raymond James Ltd., Scotia Capital Inc., Wellington West Capital Markets Inc., Sprott Securities Inc. and Canaccord Capital Corporation.

The net proceeds of the Offering will be used by the Fund to pay down debt incurred by its operating companies, to finance its acquisition of an 80% interest in Don Park, and to pay down other outstanding indebtedness.

TerraVest is an income trust whose units trade on the Toronto Stock Exchange. Its mandate is to invest in a diversified group of income producing businesses. The Fund currently has four operating companies: RJV, Stylus, Don Park, and Ezee-On. RJV is one of the largest providers of wellhead processing equipment for the Canadian natural gas industry. Stylus is one of Canada's leading made-to-order upholstered furniture manufacturers. Don Park is the largest fabricator and wholesaler of HVAC ducts and related equipment in Ontario. Ezee-On manufactures heavy duty equipment for large acreage grain farms and livestock operations.

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