Lockerbie & Hole Completes Initial Public Offering and Secondary Offering and Commences Trading on the TSX


    TSX: LH

    EDMONTON, Aug. 8 /CNW/ - Lockerbie & Hole Inc. ("Lockerbie") has
completed its previously announced initial public offering of 7,317,073 common
shares and secondary offering by certain existing shareholders (the "Selling
Shareholders") of Lockerbie of 5,482,927 common shares. Under the offerings,
Lockerbie's common shares were issued and sold at $10.25 per common share for
net proceeds to Lockerbie of approximately $70.5 million (before deducting
expenses of the offering). GMP Securities L.P. and Raymond James Ltd. acted as
co-lead agents in connection with the offerings, together with BMO Nesbitt
Burns Inc., TD Securities Inc., Blackmont Capital Inc., Cormark Securities
Inc. and Peters & Co. Limited as agents. Lockerbie's common shares will begin
trading on the Toronto Stock Exchange with the ticker "LH" when markets open
today. Lockerbie filed a final prospectus in relation to the offerings on
July 30, 2007, a copy of which is available under Lockerbie's profile on the
System for Electronic Data Retrieval (SEDAR) at The Selling
Shareholders have granted an over-allotment option (the "Option") to the
Agents to acquire up to an aggregate of 1,920,000 of their common shares,
representing 15% of the total offering, at the offering price. The Option is
exercisable in whole or in part by the Agents for a period of 30 days.

    This press release is not an offering of securities for sale in the
United States. The common shares to be issued and sold under the offerings
have not been registered under the U.S. Securities Act of 1933, as amended
(the "U.S. Act"), and may not be offered or sold in the United States or to a
U.S. Person (as defined in the U.S. Act) absent registration or an applicable
exemption from the registration requirements. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful.

    About Lockerbie

    Lockerbie was founded in 1898 and is one of the largest mechanical
construction contractors in Canada. Lockerbie is a multi-disciplined
contractor providing mechanical, electrical, instrumentation, pipe
fabrication, module assembly, boiler erection, insulation and civil
construction services primarily to the oilsands, mining, institutional,
municipal and commercial market sectors. Lockerbie is headquartered in
Edmonton, Alberta.

    %SEDAR: 00025533E

For further information:

For further information: Gordon L. Panas, President & Chief Executive
Officer, or Michael G. Slapman, Chief Financial Officer, Telephone: (780)
452-1250, Fax: (780) 452-1284, Website:

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