Liquor Barn Income Fund announces closing of bought deal financing


    EDMONTON, April 10 /CNW/ - Liquor Barn Income Fund (TSX: LBN.UN) ("Liquor
Barn" or the "Fund"), a leading operator of private liquor stores in Western
Canada, today announced the successful closing of its previously announced
bought deal offering of 3,980,000 units of the Fund ("Units") at a price of
$8.40 per Unit, for total gross proceeds of $33,432,000. The underwriting
syndicate for the offering was led by TD Securities Inc. and included Raymond
James Ltd., Canaccord Capital Corporation, National Bank Financial Inc.,
Blackmont Capital Inc. and Dundee Securities Corporation.
    The net proceeds from the offering will be used to fund planned
acquisitions and future acquisition opportunities that may arise and for
general corporate purposes, including reduction of the amount of indebtedness
outstanding under Liquor Barn's existing credit facility.
    The Units have not been, and will not be, registered under the U.S.
Securities Act of 1933, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of such Act. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
these securities, in a jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such province or other jurisdiction.

    About Liquor Barn
    Liquor Barn Income Fund is a publicly traded Canadian income fund that
owns a 61.4% interest in Liquor Barn Limited Partnership ("Liquor Barn LP").
Liquor Barn LP, which currently operates 61 liquor stores in Alberta and 10 in
British Columbia, is a leading operator of private liquor stores in Western
Canada by number of stores. Liquor Barn Income Fund's Units trade on the
Toronto Stock Exchange under the symbol LBN.UN. Additional information about
Liquor Barn Income Fund is available at or

    This news release contains forward-looking statements. These statements
relate to future events or future performance and reflect the expectation of
the Fund regarding its growth, results of operations, performance and business
prospects, and opportunities and trends affecting the retail liquor industry.
Such forward-looking statements reflect current beliefs of management and are
based on information currently available. Prospective investors can identify
many of these statements by looking for words such as "believe", "expects",
"will", "intends", "projects", "anticipates", "estimates", "continues" or
similar words or the negative of these or other comparable terminology. A
number of factors could cause actual events or results to differ materially
from the events or results discussed in such forward-looking statements.
Although management believes that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. Any forward-looking statements included
in this news release are made as of the date of this news release and the Fund
assumes no obligation to update or revise them to reflect new events or

    %SEDAR: 00023526E

For further information:

For further information: Dr. John Mather, Chief Executive Officer,
Liquor Barn GP Inc., (780) 462-0190 ext 315; Richard N. Hughes, Chief
Financial Officer, Liquor Barn GP Inc., (780) 462-0190 ext 310

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