/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S./
MONTREAL, Sept. 13 /CNW Telbec/ - GENIVAR Income Fund (TSX:GNV.UN) ("GENIVAR" or the "Fund") announced today the closing of its previously announced public offering of 1,902,439 trust units (the "Units") for gross proceeds of $39,000,000 (the "Offering") and the private placement of 536,585 non-subordinated exchangeable LP units (the "LP Units") from treasury of GENIVAR Limited Partnership ("GENIVAR LP") for gross proceeds of $11,000,000 (the "Private Placement").
The Offering and the Private Placement will result in net proceed to the Fund of approximately $47,550,000 which will be used to repay the bank advances and the advances payable to GENIVAR Inc. and to fund the growth strategy of the Fund.
The Units were offered to the public pursuant to a short form prospectus filed with securities regulatory authorities in each province of Canada through an underwriting syndicate led by National Bank Financial Inc., Raymond James Ltd. and TD Securities Inc. and also including BMO Nesbitt Burns Inc. and Cormark Securities Inc.
This news release shall not constitute an offer to sell or the solicitation of any 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. The Units offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About GENIVAR
GENIVAR is a leading Canadian Engineering services firm providing private and public sector clients with a comprehensive range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. Clients fall into various market segments such as building, industrial and power, urban infrastructure, transportation and environment. GENIVAR is one of the largest Engineering Services firm in Canada in terms of number of employees with over 2,100 managers, professionals, technicians and technologists and support staff in 45 offices in Canada and internationally.