High Liner Foods completes equity offering for Non-Voting Equity Shares


    LUNENBURG, NS, Aug. 7 /CNW/ - High Liner Foods Incorporated (TSX:HLF;
HLF.A) ("High Liner") today announced that it has completed the previously
announced offering of a new issue of Non-Voting Equity Shares as announced on
July 3, 2008 and as detailed in a Short Form Prospectus dated July 15, 2008
(the "Prospectus") filed with the securities regulatory authorities in the
Provinces of Ontario, Nova Scotia, New Brunswick and Newfoundland and Labrador
(the "Offering").
    A total of 66,100 Non-Voting Equity Shares have been sold pursuant to the
Offering at a price of $8.00 per share for total gross proceeds of $528,800.
After deducting the selling agents' commissions and expenses, the Company will
use the proceeds for general corporate purposes. The Non-Voting Equity Shares
have been posted for trading on The Toronto Stock Exchange under the symbol
HLF.A at the opening of business on Thursday August 7, 2008.
    Following completion of the Offering, in addition to the Non-Voting
Equity Shares sold pursuant to the Prospectus, High Liner has today sent
notices to the holders of its outstanding Series A Preference Shares that it
intends to exchange these shares in accordance with their terms for Non-Voting
Equity Shares, which would result in an additional 4,996,550 Non-Voting Equity
Shares becoming outstanding. The date for conversion has been set at September
8, 2008.

    About High Liner Foods Incorporated

    High Liner Foods Incorporated is one of North America's largest
processors and marketers of prepared, value-added frozen seafood. High Liner's
branded products are sold throughout the United States, Canada and Mexico
under the High Liner(R), Fisher Boy(R), Mirabel(R) and Sea Cuisine(TM) labels,
and are available in most grocery and club stores. The Company also sells its
High Liner(R), FPI(R) and Mirabel(R) food service products to restaurants and
institutions, and is a major supplier of private label seafood products to
North American food retailers and food service distributors. High Liner Foods
is a publicly traded Canadian company. Its common shares trade under the
symbol HLF and its non voting equity shares under the symbol HLF.A on the
Toronto Stock Exchange.
    For further information about the Company, please visit our Internet site
at www.highlinerfoods.com or send e-mail to investor@highlinerfoods.com.

    %SEDAR: 00001789E

For further information:

For further information: Kelly Nelson, Vice President Corporate Services
& Chief Financial Officer, High Liner Foods Incorporated, Tel: (902) 634-8811,
investor@highlinerfoods.com; Trevor Heisler, Investor Relations, The Equicom
Group Inc., Tel: (416) 815-0700 ext.270, theisler@equicomgroup.com

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