Faircourt Gold Income Corp. closes exchange offering and warrant offering

/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES./

TORONTO, July 30 /CNW/ - TSX:FGX: Faircourt Gold Income Corp. (the "Company") is pleased to announce that the Company has completed a public offering of Class A shares (the "Shares") of the Company which were issued in exchange for securities of exchange eligible issuers (as listed in the final prospectus dated July 21, 2010) and for cash at a price of $9.59 per Share (the "Exchange Offering"). The Company raised aggregate gross proceeds of approximately $22,177,786 under the Exchange Offering.

Concurrent with the Exchange Offering, the Company completed the issuance of 3,083,102 Class C warrants (the "Warrants") to shareholders of record on July 29, 2010 (the "Warrant Offering"). Each Warrant entitles the holder to purchase one Share at a subscription price of $9.83 exercisable at each month end, expiring at 5:00 p.m. on July 29, 2011. Investors who acquired Shares under the Exchange Offering did not receive Warrants in respect of the shares acquired pursuant to the Exchange Offering.

The Shares trade on the Toronto Stock Exchange ("TSX") under the symbol FGX, and the Warrants began trading today on the TSX under the symbol FGX.WT.C.

The Dealer Manager for the Exchange Offering and Warrant Offering was Canaccord Genuity Corp.

The net proceeds of the Exchange Offering, and any proceeds received upon the exercise of Warrants under Warrant Offering, will be invested by the Company in accordance with its investment objectives and investment strategy, subject to the Company's investment restrictions.

The Shares and Warrants have not been and will not be registered in the United States under the Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States or to U.S. Persons absent registration or applicable exemption from the registration requirement of such Act. This press release does not constitute an offer to sell or a solicitation to buy the Shares and Warrants in the United States.

About Faircourt Gold Income Corp.

Faircourt Gold Income Corp. invests in a portfolio primarily consisting of common shares of gold companies (the "Portfolio"). The Company may also invest up to 30% of its net asset value in gold bullion.

Faircourt Asset Management Inc. is the manager of the Company (the "Manager"). The Company has engaged Connor, Clark & Lunn Capital Markets Inc. to write covered call options on securities held in the Portfolio and cash secured put options on securities desired to be held in the Portfolio. It is the Manager's belief that by utilizing the option strategy, it will assist in providing shareholders of the Company with lower volatility and potentially enhanced returns as compared to owning the individual securities in the Portfolio directly.

SOURCE Faircourt Gold Income Corp.

For further information: For further information: Charles Taerk, President and CEO, or Douglas Waterson, CFO and Portfolio Manager, at 416-364-8989 or 1-800-831-0304

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Faircourt Gold Income Corp.

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