VANCOUVER, Dec. 6 /CNW/ - McElvaine Investment Management Ltd. ("MIML"),
a privately-owned Vancouver-based portfolio manager, announced that it has
acquired, on behalf of The McElvaine Investment Trust and The McElvaine
Limited Partnership, a total of 800,000 units of Rainmaker Income Fund
("Rainmaker"), representing 4.69% of the issued and outstanding units.
McElvaine Investment Management Ltd. is the portfolio advisor of The McElvaine
Investment Trust and The McElvaine Limited Partnership, investment funds
offered to investors on a private placement basis pursuant to exemptions from
prospectus and dealer registration requirements under applicable securities
laws. In addition, Tim McElvaine, the President and majority shareholder of
MIML, also acquired 50,000 units of Rainmaker. Mr. McElvaine is a member of
the Board of Trustees of Rainmaker.
As a result of these transactions, MIML and Mr. McElvaine now control
4,100,000 units of Rainmaker, representing 24.06% of the issued and
outstanding units of Rainmaker. This represents an increase of 850,000 units,
representing 4.87% of the outstanding units, from the holdings previously
reported by MIML in September 2006. All of these transactions were effected
through the facilities of the Toronto Stock Exchange.
The units referred to in this press release were acquired by MIML in the
ordinary course of business, for investment purposes on behalf of client
accounts over which it has discretionary trading authority and not for the
purpose of exercising control or direction over Rainmaker. MIML may from time
to time on its own behalf or on behalf of its client accounts, acquire
additional units, dispose of some or all of the existing or additional units
or may continue to hold the units referred to in this press release.
For further information:
For further information: Tim McElvaine, McElvaine Investment Management
Ltd., Telephone: (604) 601-8345, Facsimile: (604) 601-8346, Email: