Mosaic Group Completes Financing

Mosaic Group Inc. entered into a bought deal financing with an underwriting syndicate led by Yorkton Securities Inc. and Scotia Capital Inc. on March 1, 2002. Pursuant to the deal, Mosaic agreed to sell 12 million common shares at $3.80 per share and to grant to the underwriters an over-allotment option to purchase an additional 1.8 million common shares at the same price. The over-allotment option was exercised prior to closing. The $52.44 million transaction closed on March 19, 2002.

Mosaic was represented in-house by Catherine Barbaro, vice-president, legal, and corporate secretary; and by a team from Fraser Milner Casgrain LLP comprised of Rubin Rapuch, Heather Zordel, Dan Dishy and Bradley Kruger. Ken Wiener, Kari MacKay and Jennifer Harris of Goodmans LLP acted on behalf of the underwriting syndicate that also included BMO Nesbitt Burns Inc., CIBC World Markets Inc., HSBC Securities (Canada) Inc. and TD Securities Inc.