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EDMONTON, March 20 /CNW/ - Liquor Barn Income Fund ("Liquor Barn" or the
"Fund"), a leading operator of private retail liquor stores in Western Canada,
today announced that it has entered into an agreement to sell 3,980,000 units
of the Fund ("Units") on a bought deal basis at a price of $8.40 per Unit to a
syndicate of investment dealers led by TD Securities Inc., and including
Raymond James Ltd., Canaccord Capital Corporation, National Bank Financial
Inc. and Dundee Securities Corporation for gross proceeds of $33,432,000. The
offering is scheduled to close on or about April 10, 2007, and is subject to
The net proceeds of the offering will be used to continue Liquor Barn's
strategy of acquiring quality stores that are accretive to the Fund's
unitholders. The Fund anticipates that by July 31, 2007 it will have completed
approximately 15 acquisitions, an increase of approximately 25% over the
66 stores owned and operated by the Fund as of December 31, 2006.
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 any 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 Income Fund
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 nine
in British Columbia, is a leading operator of private retail liquor stores in
Western Canada. The Fund's Units trade on the Toronto Stock Exchange under the
symbol LBN-U. Additional information about Liquor Barn Income Fund is
available at www.sedar.com and www.liquorbarn.ca.
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. In
evaluating these statements, prospective investors should specifically
consider various factors, including the risks outlined under "Risk Factors" in
the Fund's prospectus and other regulatory filings, which may cause actual
events or results to differ materially from those contained in any
forward-looking statement. 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 circumstances.
For further information:
For further information: Dr. John Mather, Chief Executive Officer,
Liquor Barn GP Inc., (780) 462-0190 ext 315