Faircourt Income & Growth Split Trust Closes Fully Subscribed Rights Offering at $11.3 Million



    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES./

    TORONTO, Aug. 28 /CNW/ - Faircourt Asset Management Inc., as manager of
Faircourt Income & Growth Split Trust (TSX: FIG.UN, FIG.PR.A, FIG.RT) (the
"Trust") is pleased to announce that the Trust has completed its previously
announced distribution to its unitholders of 4,903,305 rights (the "Rights")
exercisable for units ("Units") of the Trust (the "Rights Offering"). All
4,903,305 Rights issued pursuant to the Rights Offering were exercised prior
to their expiry (4:00 pm on August 27, 2009) for a total of 4,903,305 Units,
each Unit consisting of one trust unit of the Trust (a "Trust Unit") and one
transferable warrant to acquire a Trust Unit (a "Warrant"), at a price of
$2.30 per Unit for aggregate gross proceeds of $11.3 million. Each Warrant
entitles the holder thereof to purchase one Trust Unit on, and only on, June
25, 2010 at a subscription price of $4.00.
    TD Securities Inc. was the dealer manager for the Rights Offering.
    The Trust will use the net proceeds of this issue to increase capital for
investment.

    This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these securities in the United States.
Securities may not be offered or sold in the United States absent registration
under the United States Securities Act of 1933, as amended, and applicable
state securities laws, or an available exemption from such registration.





For further information:

For further information: on the Faircourt Funds, please visit
www.faircourtassetmgt.com or contact: 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 INCOME & GROWTH SPLIT TRUST

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Faircourt Asset Management Inc.

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