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TORONTO, June 26 /CNW/ - (TSX: FGX): Faircourt Asset Management Inc., the
Manager of Faircourt Gold Income Corp. (the "Company") is pleased to announce
that the Company has filed with securities regulators in each of the provinces
of Canada (except Québec) and has received a receipt therefrom for a (final)
short form prospectus dated June 25, 2009 in respect of a public offering
("Offering") of units ("Units") of the Company at a price of $9.05 per Unit.
Each Unit consists of one Class A Share ("Share") and one transferable warrant
("Warrant"). Each Warrant entitles the holder to purchase one Share at a
subscription price of $9.05 on, and only on, any of March 31, June 30,
September 30 or December 31, until and including June 30, 2014.
Pursuant to an agency agreement entered into between the Company and the
Agents (as defined below), the Company has granted to the Agents an option,
exercisable in whole or in part, at any time until the date that is 30 days
following the closing of the Offering to purchase up to 15% of the number of
Shares issued on closing at a price of $7.40 per Share and/or up to 15% of the
number of Warrants issued on closing at a price of $1.65 per Warrant.
The Company's Shares are currently listed on the Toronto Stock Exchange
(the "TSX") under the symbol FGX. The Warrants have been conditionally
approved for listing and trading on the TSX under the symbol FGX.WT.B on the
closing of the Offering, which is expected to occur on or about July 9, 2009.
The Offering is being made on a best efforts basis to the public through
a syndicate of agents led by Canaccord Capital Corporation, and including CIBC
World Markets Inc., Scotia Capital Inc., Dundee Securities Corporation, GMP
Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington
West Capital Markets Inc., Blackmont Capital Inc., Desjardins Securities Inc.,
Haywood Securities Inc., Manulife Securities Incorporated and Research Capital
Corporation (collectively, the "Agents").
The net proceeds of the Offering will be invested by the Company in
accordance with the investment objectives and investment strategy of the
Company, subject to the Company's investment restrictions. In April 2009,
shareholders of the Company approved certain amendments to the investment
strategy of the Company and amendments to its articles to allow the issuance
of Shares for a price less than the net asset value per Share. The Company
invests in a portfolio primarily consisting of common shares of senior and
intermediate gold producers that are part of the S&P/TSX Global Gold Index.
The Company may also invest up to 30% of its net asset value in gold bullion.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale or any acceptance
of an offer to buy these securities in any jurisdiction in which the
securities are not qualified for sale.
Certain of the statements contained in this press release, may be
"forward-looking statements" and "forward-looking information" within the
meaning of Canadian securities legislation. Forward-looking statements
include, but are not limited to statements with respect to the expected
closing date of the Offering. Generally, the use of words such as "may",
"will", "should", "could", "anticipate", "believe", "expect", "intend",
"plan", "potential", "continue" and similar expressions have been used to
identify these forward-looking statements. By their very nature,
forward-looking statements involve known and unknown risks, uncertainties and
other factors, some of which are outside the control of the Company, that may
cause actual results or events to differ materially from those anticipated in
the forward-looking statements including, but not limited to, changes in
general economic and market conditions and other risk factors. See "Risk
Factors" in the Company's (final) short form prospectus referred to above.
Forward-looking statements are not historical facts but reflect the current
expectations of the Manager or the Company regarding future results or events.
Although the Manager believes the expectations reflected in the
forward-looking statements are reasonable, no assurance can be given that
actual results will be consistent with these expectations and forward-looking
statements. Potential subscribers should not place undue reliance on
forward-looking statements. These forward-looking statements are made as of
the date hereof and the Company and the Manager assume no obligation to update
or revise them to reflect new events or circumstances except as may be
required by applicable law
For further information:
For further information: concerning the Company or the Offering please
refer to the (final) short form prospectus, a copy of which may be obtained
from your financial advisor or at www.sedar.com under the Company's profile,
or contact Charles Taerk, President, or Douglas Waterson, CFO, at (416)
364-8989 or 1-800-831-0304