Press Releases

  • Thursday, October 2, 2008
    GENIVAR Income Fund Announces Closing of $50,000,000 Equity Financing

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    MONTREAL, Oct. 2 - GENIVAR Income Fund (TSX :GNV.UN) ("GENIVAR" or the "Fund") announced today the closing of its previously announced public offering of 1,391,650 units of the Fund (the "Units") for gross proceeds of approximately $35,000,000 (the "Offering") and the private placement of 596,421 exchangeable LP units (the "LP Units") of GENIVAR Limited Partnership ("GENIVAR LP") for gross proceeds of approximately $15,000,000 (the "Private Placement").

    The Offering and the Private Placement will result in net proceeds to the Fund of approximately $47,750,000 which will be used to repay a portion of the bank advances under GENIVAR's credit facilities.

    The Units were offered through an underwriting syndicate led by TD Securities Inc., National Bank Financial Inc. and Raymond James Ltd. and also including BMO Nesbitt Burns Inc., CIBC World Markets Inc., Blackmont Capital Inc. and Cormark Securities Inc.

    This press 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 offered or sold in the United States.

    About GENIVAR

    GENIVAR is a leading Canadian engineering services firm providing private and public sector clients with a full range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. Its clients, which are of varying sizes, 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 more than 3,300 managers, professionals, technicians and technologists and support staff in over 80 offices in Canada and abroad.

    Pierre Shoiry,
    President and Chief Executive Officer,
    (514) 340-0046, ext. 5104;

    Marcel Boucher,
    Chief Financial Officer,
    (514) 340-0046, ext. 5163;

    Marlène Casciaro,
    Director of Communications,
    (514) 340-0046, ext. 5184