Keystone North America Inc. closes $35.1 million offering of income participating securities


    TORONTO, Aug. 10 /CNW/ - Keystone North America Inc. and Keystone Newport
ULC, (TSX:KNA.UN), the fifth largest operator of funeral homes in North
America, with 217 funeral homes and 16 cemeteries across the United States and
the Province of Ontario, announced today that it has closed its offering of
3,900,000 income participating securities (IPS) at a price of C$9.00 per IPS
for total gross proceeds of C$35.1 million. The offering was underwritten by a
syndicate of underwriters led by BMO Capital Markets and Scotia Capital Inc.
    Keystone used the proceeds and funds from its senior credit facility to
complete the previously announced acquisition of 36 funeral homes and two
cemeteries by acquiring the Meridian Mortuary Group, Inc.


    This press release contains certain statements that constitute
forward-looking statements within the meaning of applicable securities
legislation. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the results, performance or
achievements of Keystone or developments in the industry to differ materially
from anticipated results, performance, achievements or developments expressed
or implied by such forward-looking statements. Actual results may differ
materially from management expectations as projected in such forward-looking
statements for a variety of reasons, including market and general economic
conditions and the risks and uncertainties detailed from time to time in
Keystone's annual information form and quarterly financial reports filed with
the Canadian securities regulatory authorities. With respect to the previously
announced acquisition, additional risks include, among other things, there is
no guarantee that the Company will be able to successfully integrate the new
acquisitions, that the Company will be able to retain key employees and may
not be able to realize all anticipated synergies. Due to the potential impact
of these factors, Keystone North America Inc. and Keystone Newport ULC
disclaim any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, unless required by applicable law.

    %SEDAR: 00021578E

For further information:

For further information: Keystone North America Inc., Steve Tidwell,
Chief Executive Officer, (813) 225-4653, Email:; or
Keystone North America Inc., Stephen Shaffer, Chief Financial Officer, (813)
225-4654, Email:; Visit our investor website at

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