/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES./
TORONTO, Oct. 24, 2012 /CNW/ - (TSX: FGX), (TSX: FGX.WT.B): Faircourt Asset Management Inc. (the "Manager"), 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 a final prospectus (the "Share Prospectus") in respect of a public offering of up to 4,733,740 Class A Shares ("Shares") of the Company (the "Share Offering") for maximum gross proceeds of approximately $40 million. Investors may purchase Shares by way of cash subscription at a price of $8.45 per Share until the day prior to the closing of the Share Offering which is expected to take place on or about November 9, 2012. In addition, investors had the option to acquire Shares pursuant to the Share Offering by way of an exchange for the exchange eligible issuers listed in the Share Prospectus until October 19, 2012. The number of Shares issuable for each class of security of an exchange eligible issuer was determined by dividing the weighted average trading price of such security during the period of three consecutive trading days ending on October 19, 2012, as adjusted to reflect distributions declared by any exchange eligible issuer that will not be received by the Company, by $8.45. A complete list of the exchange eligible issuers and associated exchange ratios is contained in the Share Prospectus that can be found at www.sedar.com or the Manager's website at www.faircourtassetmgt.com.
The securities acquired by the Company pursuant to the Exchange Option will either be held as part of the Company's portfolio or sold. If sold, the net proceeds of such sales, together with any cash subscriptions, will be used by the Company to acquire additional portfolio securities, all in accordance with the investment objectives and investment strategy of the Company and subject to its investment restrictions.
The Company also filed, concurrently with the filing of the Share Prospectus, with securities regulators in each of the provinces of Canada a final prospectus in respect of the issuance of Class D Warrants (the "Warrants") to shareholders of record as at November 8, 2012 (the "Warrant Offering"). Investors acquiring Shares under the Share Offering will not receive Warrants in respect of such Shares. Each whole Warrant will entitle the holder thereof to subscribe for one Share on the first business day of each month, until and including October 1, 2013, at an exercise price of $10.00.
The Company's outstanding Shares and Class B Warrants are currently listed on the Toronto Stock Exchange (the "TSX") under the symbol FGX and FGX.WT.B, respectively.
The syndicate of agents for the Share Offering is being led by Canaccord Genuity Corp., and includes GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Mackie Research Capital Corporation and PI Financial Corp.
The Company has also retained Canaccord Genuity Corp. to act as the dealer in respect of the Warrant Offering.
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.
The Share Offering and the Warrant Offering are each made by prospectus. The final prospectuses contain important detailed information about the securities being offered. Copies of the final prospectuses may be obtained from your IIROC registered financial advisor or at www.sedar.com under the Company's profile. Investors should read the final prospectuses before making an investment decision.
SOURCE: Faircourt Asset Management Inc.
For further information:
About the Share Offering or the Warrant Offering, please visit www.faircourtassetmgt.com or please contact: Charles Taerk, President and CEO at (416) 364-8989 or 1-800-831-0304.