Aecon announces issuance of common shares



    /NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE
    UNITED STATES/

    At least $73 million to be raised

    TORONTO, March 27 /CNW/ - Aecon Group Inc. ("Aecon") (TSX:ARE) announced
today that it has entered into an agreement to issue 4.0 million common shares
on a bought deal basis to a syndicate of underwriters led by GMP Securities
L.P. and including Paradigm Capital Inc., Raymond James Ltd., TD Securities
Inc., Canaccord Capital Corporation, and CIBC World Markets Inc. The common
shares will be publicly offered in Canada under a short-form prospectus at a
price of $18.25 per share, representing gross proceeds of $73.0 million.
    The underwriters were also granted an Over-Allotment Option to purchase
an additional 15% of the Offering at any time until 30 days after Closing at a
price of $18.25 per share for total gross proceeds including the
Over-Allotment Option of up to $83.95 million.
    Closing is expected to occur on or about April 17, 2008 subject to TSX
and other regulatory approvals. Aecon currently has approximately 46,819,290
common shares issued and outstanding.
    The net proceeds of the Offering will be used to repay debt associated
with recent acquisitions, for general corporate purposes including working
capital, and for potential future acquisitions.
    "This equity issue will further strengthen our balance sheet, and
position Aecon well to capitalize on future growth opportunities in this very
robust market," said Scott Balfour, Aecon's President and CFO.
    The shares will be issued under a short form prospectus in the provinces
of British Columbia, Alberta, Manitoba, Ontario, Quebec and Nova Scotia. The
securities offered have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.
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 the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.

    Aecon Group Inc. is Canada's largest publicly traded construction and
infrastructure development company. Aecon and its subsidiaries provide
services to private and public sector clients throughout Canada and
internationally. Aecon is pleased to be recognized as one of the 50 Best
Employers in Canada as published by Report on Business Magazine. The Company's
shares are listed for trading on the Toronto Stock Exchange under the symbol
ARE.

    The information in this news release includes certain forward-looking
statements. These statements are based upon assumptions that are subject to
significant risks and uncertainties which are discussed in greater detail in
the section entitled "Risk Factors and Uncertainties" in Management's
Discussion and Analysis of operating results and Financial Condition for the
year ended December 31, 2007 filed on SEDAR at www.sedar.com. Although Aecon
believes that the expectations reflected in forward-looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct.

    %SEDAR: 00004778EF




For further information:

For further information: Mitch Patten, Vice President, Corporate
Affairs, Aecon Group Inc., (416) 297-2615, aecon@aecon.com; www.aecon.com


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