/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S./
MONTREAL, Aug. 29 /CNW Telbec/ - GENIVAR Income Fund (TSX:GNV.UN) ("GENIVAR" or the "Fund") today announced that it has filed its preliminary short form prospectus relating to the offering of 1,902,439 trust units (the "Units") from treasury of the Fund on a bought deal basis with a syndicate of underwriters led by National Bank Financial Inc., Raymond James Ltd. and TD Securities Inc. and also including BMO Nesbitt Burns Inc. and Cormark Securities Inc. The Units are being offered at a price of $20.50 per Unit. The gross proceeds of the offering of the Fund to the public will be $39 million. The Units are being offered by way of short form prospectus in each of the provinces of Canada. The financing is subject to all normal regulatory approvals and is expected to close on or about September 13, 2007.
GENIVAR Inc., the non-controlling unitholder of the Fund, will concurrently purchase, directly or indirectly, on a non-brokered private placement basis, 536,585 non-subordinated exchangeable LP units (the "LP Units") from treasury of GENIVAR LP, an affiliate of the Fund, at a price of $20.50 per LP Unit (the "Private Placement"). The gross proceeds of the Private Placement to GENIVAR LP will be $11 million instead of $15 million as previously announced on August 23, 2007 as a result of the potential application to GENIVAR LP of the SIFT Rules contained in Bill C-52 should the total equity financing be greater than $50 million.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, not 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.