OPTI Canada Inc. Announces Successful Closing of $412,176,500 Financing


    TSX: OPC

    CALGARY, Nov. 21 /CNW/ - OPTI Canada Inc. ("OPTI") announced today that
it has closed its previously announced financing, including the exercise by
the underwriters of the full amount of the over-allotment option. OPTI issued
18,534,500 common shares at a price of $19.00 per common share, and 2,430,000
flow-through common shares at a price of $24.70 per common share, for
aggregate gross proceeds of $412,176,500. The financing was completed on a
bought deal basis by a syndicate of underwriters, with TD Securities Inc. as
sole bookrunner and lead manager, RBC Dominion Securities Inc. as co-lead
manager and also including: Scotia Capital Inc., UBS Securities Canada Inc.,
BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc.,
FirstEnergy Capital Corp., GMP Securities L.P., Genuity Capital Markets,
Raymond James Ltd. and Tristone Capital Inc.
    The $60,021,000 gross proceeds from the offering of flow-through common
shares will be used by the Corporation to fund its 2008 delineation and
exploration program on its existing leases. The Corporation intends to use
approximately $150 million of the proceeds from the offering of common shares,
together with working capital and borrowings under the corporation's credit
facilities to finance the remainder of the Corporation's 2008 capital
expenditure program that primarily includes OPTI's share of Phase 2
engineering costs and Phase 1 capital expenditures. The remaining net proceeds
of this offering will be used for general corporate purposes inclusive of
working capital.
    The Securities 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.

    About OPTI

    OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing the fourth and next major integrated oil sands project in Canada,
the Long Lake Project, in a 50/50 joint venture with Nexen Inc. The first
phase of the Project consists of 72,000 barrels per day of SAGD (steam
assisted gravity drainage) oil production integrated with an OPTI-operated
upgrading facility, using OPTI's proprietary OrCrude(TM) process and
commercially available hydrocracking and gasification. Through gasification,
this configuration substantially reduces the exposure to and the need to
purchase natural gas. The Project is expected to produce 58,500 bbl/d of
products, primarily 39 degree API Premium Sweet Crude with low sulphur
content, making it a highly desirable refinery feedstock. OPTI's common shares
trade on the Toronto Stock Exchange under the symbol OPC.
    Additional information regarding the Long Lake Project is available at

    Forward-Looking Statements

    Certain statements contained herein are forward-looking statements,
including statements relating to: OPTI's operations; use of proceeds;
anticipated financial performance; business prospects, expansion plans and
strategies; OPTI's plans and expectations concerning the use and performance
of the OrCrude(TM) process and other related technologies; the cost,
development and operation of the Long Lake Project and OPTI's relationship
with Nexen Inc. Forward-looking information typically contains statements with
words such as "intends", "anticipate," "estimate," "expect," "potential,"
"could" or similar words suggesting future outcomes. Readers are cautioned not
to place undue reliance on forward-looking information because it is possible
that expectations, predictions, forecasts, projections and other forms of
forward-looking information will not be achieved by OPTI. By its nature,
forward-looking information involves numerous assumptions, inherent risks and
uncertainties. A change in any one of these factors could cause actual events
or results to differ materially from those projected in the forward-looking
information. Although OPTI believes that the expectations reflected in such
forward-looking statements are reasonable, OPTI can give no assurance that
such expectations will prove to be correct. Forward-looking statements are
based on current expectations, estimates and projections that involve a number
of risks and uncertainties which could cause actual results to differ
materially from those anticipated by OPTI and described in the forward-looking
statements or information. The forward-looking statements are based on a
number of assumptions which may prove to be incorrect. In addition to other
assumptions identified herein, we have made assumptions regarding, among other
things: market costs and other variables affecting operating costs of the
Project; the ability of the Long Lake joint venture partners to obtain
equipment, services and supplies, including labour, in a timely and
cost-effective manner; the availability and costs of financing; oil prices and
market price for the PSC(TM) output of the OrCrude(TM) Upgrader; foreign
currency exchange rates and hedging risks;  government regulations and royalty
regimes; the degree of risk that governmental approvals may be delayed or
withheld;  other risks and uncertainties described elsewhere in this document
or in OPTI's other filings with Canadian securities authorities.
    Readers should be aware that the list of factors, risks and uncertainties
set forth above are not exhaustive. Readers should refer to OPTI's current
Annual Information Form, which is available at www.sedar.com, for a detailed
discussion of these factors, risks and uncertainties. The forward-looking
statements or information contained in this news release are made as of the
date hereof and OPTI undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable laws
or regulatory policies.

For further information:

For further information: Alison Trollope, Investor Relations Manager,
(403) 218-4705; OPTI Canada Inc., Suite 2100, 555 - 4th Ave. S.W., Calgary,
Alberta, Canada  T2P 3E7

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