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GENIVAR Income Fund announces $54 million equity financing
GENIVAR Income Fund announces $54 million equity financing.
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[{"type":"text","content":"\n\n\n\n/Not for distribution to U.S. news wire services or dissemination\n\n\nin the U.S./\n\n\nMONTREAL, Aug. 23 /CNW Telbec/ - GENIVAR Income Fund (TSX:GNV.UN)\n("GENIVAR" or the "Fund") today announced that it has agreed to issue\n1,902,439 trust units (the "Units") from treasury of the Fund on a bought deal\nbasis to a syndicate of underwriters led by National Bank Financial Inc.,\nRaymond James Ltd. and TD Securities Inc. and also including a syndicate of\nunderwriters. The Units will be offered at a price of $20.50 per Unit. The\ngross proceeds of the offering to the Fund will be $39 million. The Units will\nbe offered by way of short form prospectus in each of the provinces of Canada,\nas well as in the United States under applicable private placement exemptions.\nThe financing is subject to all normal regulatory approvals and is expected to\nclose on or about September 13, 2007.\n\n\nGENIVAR Inc. will concurrently purchase, directly or indirectly, on a\nprivate placement basis non-subordinate exchangeable LP units (the "LP Units")\nfrom treasury of GENIVAR LP at a price of $20.50 per LP Unit (the "Private\nPlacement"). The gross proceeds of the Private Placement to the Fund will be\n$15 million.\n\n\nThe net proceeds of the financing will be used for debt repayment and for\ngeneral corporate purposes of the Fund.\n\n\nThe Fund distributes distributable income on a monthly basis to\nunitholders of record on the last business day of each month. Payments are\nmade on or about the 15th day after each record date. The first distribution\nthat purchasers of the Units offered will be entitled to receive is the\ndistribution expected to be paid on October 15, 2007 to holders of record on\nSeptember 30, 2007 for the period of September 1, 2007 to September 30, 2007.\n\n\nThis news release shall not constitute an offer to sell or the\nsolicitation of any offer to buy, nor shall there be any sale of these\nsecurities in any jurisdiction in which such offer, solicitation or sale would\nbe unlawful. The Units offered will not be and have not been registered under\nthe United States Securities Act of 1933, as amended (the "U.S. Securities\nAct") and may not be offered or sold in the United States except pursuant to\nexemptions from the registration requirements of the U.S. S...