/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES./
TORONTO, July 21 /CNW/ - Faircourt Gold Income Corp. (or the "Company") is pleased to announce that it has filed and obtained a receipt for a final prospectus dated July 21, 2010 in connection with an offering of up to $100 million of its Class A shares in exchange for securities of Exchange Eligible Issuers (the "Exchange Offering"). The number of Class A Shares issuable for each class of security of an Exchange Eligible Issuer (the "Exchange Ratio") was determined by dividing the weighted average trading price of such security during the period of three consecutive trading days ending on July 20, 2010, as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Company, by $9.59, being the most recently calculated diluted net asset value per share prior to the filing of the final prospectus. The Exchange Ratios are disclosed in the final prospectus. In addition, the Company may accept cash subscriptions for Class A shares at a price of $9.59 per Class A share until the day prior to the closing of the Exchange Offering which is expected to take place on or about July 30, 2010. The Dealer Manager for the Exchange Offering is Canaccord Genuity Corp.
The net proceeds of the Exchange Offering will be invested by the Company in accordance with its investment objectives. The Company's investment objectives are to provide shareholders with:
(a) monthly distributions, currently targeted for 2010 to be $0.04167 per
Class A Share per month ($0.50004 per Class A Share per annum); and
(b) the opportunity for capital appreciation.
In addition, the Company's shares may be surrendered for redemption annually in April of each year.
Concurrent with the Exchange Offering, the Company has also filed and obtained a receipt for a final prospectus for a warrant offering to existing shareholders of the Company. Each Warrant entitles the holder to purchase one Class A Share at a price of $9.83 exercisable at each month end, expiring July 29, 2011. The Warrants will be issued to shareholders of record as at July 29, 2010 and will commence trading on the Toronto Stock Exchange on August 3, 2010. Investors acquiring Class A Shares under the Exchange Offering will not receive Warrants in respect of the shares acquired pursuant to the Exchange Offering.
This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor. Investors should read the prospectus before making an investment decision.
SOURCE Faircourt Gold Income Corp.
For further information: For further information: on the Faircourt Funds, please visit www.faircourtassetmgt.com or please contact: Charles Taerk, President and CEO or Douglas Waterson, CFO & Portfolio Manager at (416) 364-8989 or 1-800-831-0304