Great Lakes Hydro income Fund Completes Offering

Great Lakes Hydro Income Fund completed the offering of 14,700,000 trust funds for gross proceeds of $205.8 million on May 29, 2002. Great Lakes Power Inc. purchased 50 percent of the offered trust units, thereby maintaining its 50 per cent ownership of the fund. The offering of the trust units to the public was through a syndicate led by CIBC World Markets inc. The net proceeds of the offering will be used to partially finance the indirect acquisition of a hydroelectric system and related transmission facilities on the Mississagi River.

Desjardins Ducharme Stein Monast acted for the Fund, with a team that included Lucie J. Roy, Benoit Dionne, Valérie Douville and Jean-François Lambert (Securities) and Serge Gloutnay (tax). Also involved in the acquisition were Catherine Conides and Veronique Bonneville-Pesant (commercial). Mccarthy Tétrault LLP acted for the underwriters, with a team that included David E. Woolcombe, Peter C. Goode and Suzanne V. Murphy.