Shiningbank Energy Income Fund Completes Equity Financing

On January 20, 2003, 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., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc. and FirstEnergy Capital Corp., to sell, on a bought deal basis, 3.340 million trust units at $15 per unit. Shiningbank also granted the underwriters an option to acquire up to an additional 501,000 units at $15 per unit. The units were qualified for distribution to the public in all Canadian provinces pursuant to a short-form prospectus, dated January 31, 2003.

The offering closed on February 11, 2003. At closing, a total of 3.841 million units, which included 501,000 units issued pursuant to the option granted to the underwriting syndicate, were issued at $15 per unit for gross proceeds of $57.615 million.

Gowling Lafleur Henderson LLP in Calgary acted for Shiningbank, with a team comprised of Richard Clark, Marcia Johnston and J. Jason McCormick (securities) and Robert McCue (tax), assisted by LĂ©ondard Serafini in Montreal. Macleod Dixon LLP acted for the underwriters, with a team comprised of Kevin Johnson, Marcus Archer and Rashi Sengar (securities) and Craig Maurice.