Faircourt Gold Income Corp. closes at $22 million


    TORONTO, Nov. 16 /CNW/ - Faircourt Asset Management Inc., the Manager of
Faircourt Gold Income Corp. (the "Company"), is pleased to announce that the
Company has completed its initial public offering of 2,200,000 units ("Units")
of the Company, each Unit consisting of one Class A Share ("Share") and
one-half of a warrant ("Warrant"), at a price of $10.00 per Unit for aggregate
gross proceeds of $22,000,000. Each whole Warrant entitles the holder to
purchase one Share at a subscription price of $10.00 on either October 30,
2009 or May 31, 2010. The Warrants may only be exercised on these two dates.
The Shares and the Warrants separated immediately upon issue and began trading
today on the Toronto Stock Exchange under the symbols FGX and FGX.WT,
    The Company's investment objectives are to provide holders of Shares (the
"Shareholders") with: (i) monthly distributions, initially targeted to yield
5% per annum based on the issue price of $10.00 per Unit; and (ii) the
opportunity for capital appreciation. It is anticipated that the first
distribution will be paid to shareholders of record on January 31, 2007, and
that the payment date for such distribution will be February 14, 2007.
    Faircourt Asset Management Inc. (the "Manager") will be responsible for
the Company's overall investment strategy. The Company has been created to
provide investors with exposure to the leading global companies on the S&P TSX
Global Gold Index, while also providing monthly distributions. The Manager
believes the fundamentals for investments in gold companies are strengthening
due to increasing global demand for gold and related gold equity investments.
    In order to generate additional returns and to reduce risk, the Company
will use the expertise of 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 with lower volatility and potentially enhanced returns than they
would otherwise have achieved by owning the individual securities in the
Portfolio directly.
    The syndicate of agents for the offering was co-led by CIBC World Markets
Inc. and BMO Nesbitt Burns Inc., and included National Bank Financial Inc.,
Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee
Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd.,
Blackmont Capital Inc., Desjardins Securities Inc., Richardson Partners
Financial Limited and Wellington West Capital Inc.

    For information concerning the Company or the Offering please refer to
the final prospectus, a copy of which may be obtained from your financial
advisor. 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.

For further information:

For further information: please contact Charles Taerk, President, or
Douglas Waterson, CFO, at (416) 364-8989 or 1-800-831-0304

Organization Profile

Faircourt Gold Income Corp.

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Faircourt Asset Management Inc.

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