Shiningbank Completes Financing

On July 25, 2000, Shiningbank Energy Income Fund, a conventional oil and gas royalty trust, announced that it had entered into an agreement with a syndicate of underwriters led by CIBC World Markets Inc. and including BMO Nesbitt Burns Inc. and Merrill Lynch Canada Inc. to sell, on a bought deal basis, 2,100,000 trust units at a price of $12.20 per unit. Shiningbank also granted the underwriters an option to acquire up to an additional 315,000 trust units at a price of $12.20 per unit. The trust units were qualified for distribution to the public in all of the provinces of Canada pursuant to a (final) short form prospectus dated August 3, 2000.

The closing of the offering was held on August 15, 2000. At closing, a total of 2,415,000 trust units, which included 315,000 trust units issued pursuant to an option granted to the underwriting syndicate, were issued at a price of $12.20 per unit for gross proceeds of $29,463,000.

Gowling Lafleur Henderson LLP (Calgary) acted for Shiningbank with a team comprised of Richard W. Clark, Murray J. Desrosiers and Douglas T. McCartney (securities) and Deborah B. Neale (tax) with assistance from Léonard Serafini of the firm’s Montreal office.

Macleod Dixon acted for the underwriters with a team comprised of Kevin Johnson, Kent Kufeldt, Marlow Gereluk and Jamie Gagner.