Copernican British Banks Fund raises total gross proceeds of $220 million after over-allotment option of $10 million



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

    SYMBOLS: ADC, ASC, ASC.PR.A, GBP.UN, FIT.UN, CBK.UN, CIW.UN
    CBW.PR.A, CBW, CIR, CIR.PR.A, CPM.UN, CBB.UN, CBB.WT

    BURLINGTON, ON, Aug. 15 /CNW/ - Copernican Capital Corp., the Manager of
Copernican British Banks Fund (the "Fund") is pleased to announce that the
Fund has issued an additional 1,000,000 trust units ("Trust Units") of the
Fund at a price of $9.80 per Trust Unit and an additional 500,000 warrants
("Warrants") of the Fund at a price of $0.20 per one-half Warrant for gross
proceeds of $10,000,000 pursuant to the exercise by the agents of their
over-allotment option. Each whole Warrant entitles the holder to purchase one
Trust Unit at a subscription price of $10.00 on or before 5:00 p.m. (Toronto
time) on June 14, 2010, as described in the final prospectus of the Fund dated
June 25, 2007. Including the over-allotment option, total gross proceeds of
the Fund's initial public offering were $220,000,000.
    The Trust Units and Warrants trade on the Toronto Stock Exchange under
the symbols CBB.UN and CBB.WT, respectively.

    
    The Fund is a closed-end investment trust whose investment objectives
    are:

    (i)  to provide holders of Trust Units with monthly cash distributions
         (which initially is expected to be $0.80 per Trust Unit per annum,
         representing a yield of 8% per annum based on the original issue
         price of $10.00 per Unit (comprised of one Trust Unit and one-half
         Warrant), and commencing in 2008 will be determined and announced by
         the Fund on an annual basis); and

    (ii) to preserve and enhance the net asset value of the Fund.
    

    AIC Investment Services Inc. (the "Investment Manager") will be
responsible for the Fund's overall investment strategy. The Fund has been
created to provide investors with exposure to some of the world's leading,
British bank-based financial services companies that the Investment Manager
believes have both attractive dividend yields and strong earnings growth
momentum.
    As at May 1, 2007, the Investment Manager's assets under management
totalled approximately $9.0 billion of which approximately $4.6 billion was
invested in the global financial services industry.

    The offering was made through a syndicate of agents co-led by CIBC World
Markets Inc. and RBC Capital Markets that included Scotia Capital Inc.,
TD Securities Inc., BMO Capital Markets, National Bank Financial Inc.,
Berkshire Securities Inc., Canaccord Capital Corporation, Desjardins
Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc.,
Raymond James Ltd., Bieber Securities Inc., Blackmont Capital Inc.,
Burgeonvest Securities Limited, Laurentian Bank Securities Inc. and Wellington
West Capital Inc.





For further information:

For further information: Media Contacts: Chris Lowe, Chief Executive
Officer, Copernican Capital Corp, Burlington, ON, Senior Vice President and
Portfolio Manager, AIC Investment Services, Burlington, ON, (905) 331-4242,
ext. 4232, 1-888-710-4242, ext. 4232, Copernican Capital Corp., (905)
319-4922, clowe@copernican.com, clowe@aic.com; Terri Oswald, Director, Media
Relations, AIC Limited, Burlington, ON, (905) 331-4242, ext. 4345,
1-888-710-4242, ext. 4345, toswald@aic.com

Organization Profile

COPERNICAN CAPITAL CORP.

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