Xceed Mortgage Completes IPO

On June 8, 2004, Xceed Mortgage Corp. completed an initial public offering and secondary offering of common shares. Xceed provides residential mortgage financing to borrowers who are unable to satisfy the underwriting criteria of traditional mortgage lenders. The IPO and secondary offering resulted in gross proceeds of $41,423,745. Pursuant to the offerings, Xceed issued 5 million common shares at $5.50 per share for aggregate proceeds to Xceed of $27,500,000 and certain selling shareholders of Xceed sold 2,531,590 common shares at the issue price. The underwriting syndicate for the offering was led by Sprott Securities Inc. and included TD Securities Inc., GMP Securities Ltd. and Desjardins Securities Inc.

Xceed was represented by Davies Ward Phillips & Vineberg, with a team composed of Cameron Rusaw, Mindy Gilbert, Jennifer Grossklaus and Brooke Jamison. The underwriters were represented by Aird & Berlis with a team composed of Kevin Rooney, Sonia Yung and Kyler Wells.