Faircourt Gold Income

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Name - Faircourt Gold Income

Address: 1402 - 141 Adelaide St W  Toronto  ON  M5H 3L5

Phone: 416 364 8989  Fax: 416 360 3466
Website - Click to add

Warrant Symbol - FGX.WT
Number  Trading - 5.75 million
Expiration Date - Either Oct. 30, 2009, or May 31, 2010 only
Cusip -  30376T 11 7
Warrants called to trade news:

 

Faircourt Gold closes $22-million IPO

 

2007-11-16 14:50 MT - News Release

Mr. Charles Taerk reports

FAIRCOURT GOLD INCOME CORP. CLOSES AT $22 MILLION

Faircourt Gold Income Corp. has completed its initial public offering of 2.2 million units of the company, each unit consisting of one Class A share and one-half of a warrant, at a price of $10 per unit for gross proceeds of $22-million. Each whole warrant entitles the holder to purchase one share at a subscription price of $10 on either Oct. 30, 2009, or May 31, 2010. The warrants may only be exercised on these two dates. The shares and the warrants separated immediately upon issue and began trading today on the Toronto Stock Exchange under the symbols FGX and FGX.WT, respectively.

The company's investment objectives are to provide holders of shares with monthly distributions, initially targeted to yield 5 per cent per year based on the issue price of $10 per unit; and the opportunity for capital appreciation. It is anticipated that the first distribution will be paid to shareholders of record on Jan. 31, 2008, and that the payment date for such distribution will be Feb. 14, 2008.

Faircourt Asset Management Inc. will be responsible for the company's overall investment strategy. The company has been created to provide investors with exposure to the leading global companies on the S&P TSX Global Gold Index, while also providing monthly distributions. The manager believes the fundamentals for investments in gold companies are strengthening due to increasing global demand for gold and related gold equity investments.

In order to generate additional returns and to reduce risk, the company will use the expertise of Connor, Clark & Lunn Capital Markets Inc. to write covered call options on securities held in the portfolio and cash secured put options on securities desired to be held in the portfolio. It is the manager's belief that by using the option strategy, it will assist in providing shareholders with lower volatility and potentially enhanced returns than they would otherwise have achieved by owning the individual securities in the portfolio directly.

The syndicate of agents for the offering was co-led by CIBC World Markets Inc. and BMO Nesbitt Burns Inc., and included National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., Richardson Partners Financial Limited and Wellington West Capital Inc.

 

 

Faircourt Gold Income to list on TSX on Nov. 16

 

2007-11-14 19:58 MT - New Listing

TSX bulletin 2007-1610

An application has been granted for the original listing in the industrial category of up to 17.25 million Class A shares and up to 5.75 million Class A share purchase warrants of Faircourt Gold Income Corp., of which up to 10 million Class A shares and up to five million warrants will be issued and outstanding, and up to 7.25 million Class A shares and up to 750,000 warrants will be reserved for issuance upon completion of a public offering. Listing of the Class A shares and warrants will become effective at 5:01 p.m. on Thursday, Nov. 15, 2007, in anticipation of the offering closing on Nov. 16, 2007. The Class A shares and warrants will be posted for trading at the open on Friday, Nov. 16, 2007.

Each whole warrant will entitle the holder to purchase one Class A share at a subscription price of $10 at 4 p.m. (Toronto time) on either Oct. 30, 2009, or May 31, 2010. The warrants may only be exercised on these two dates. Warrants not exercised by 4:01 p.m. (Toronto time) on May 31, 2010, will be void and of no value. A fee of 15 cents per warrant will be payable by the company at the time a warrant is exercised to the dealer whose client is exercising the warrant and 10 cents per warrant will be payable to the agents. The warrants will be governed by the terms of a warrant indenture dated Oct. 30, 2007, between the company and CIBC Mellon Trust Co. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other terms of the capital reorganization.

Registration of interests in and transfers of Class A shares and the warrants will be made only through the book-entry-only system of CDS Clearing and Depository Services Inc. Class A shares and warrants must be purchased, transferred and surrendered for retraction only through a CDS participant. Beneficial owners of Class A shares and warrants will not have the right to receive physical certificates evidencing their ownership.

Additional information on the Class A shares and warrants may be found in the final prospectus dated Oct. 30, 2007, which is available at www.sedar.com. Capitalized terms not otherwise defined are as defined in the prospectus.

 

Class A share symbol:  FGX

Class A share Cusip No.:  30376T 10 9

Class A trading currency:  Canadian dollars

 

Warrant symbol:  FGX.WT

Warrant Cusip No.:  30376T 11 7

Warrant trading currency:  Canadian dollars

 

Designated market-maker:  Byron Securities Ltd.

Other markets:  None

Incorporation:  The company was incorporated under the laws of the Province of Ontario by Articles of Incorporation dated Sept. 6, 2007.

Manager:  Faircourt Asset Management Inc.

Option adviser:  Connor, Clark & Lunn Capital Markets Inc.

Fiscal year-end:  Dec. 31

Transfer agent and registrar:  CIBC Mellon Trust Co. has been appointed as transfer agent and registrar for the Class A shares and warrants at its principal office in Toronto

 

Nature of business:  The company has been created to provide investors with exposure to the leading global companies primarily involved in gold exploration, mining or production on the S&P TSX Global Gold Index, while also providing monthly distributions.

 

 

Distributions:  The company intends to pay monthly distributions. The initial indicative distribution of the company is 4.17 cents per Class A share per month (50 cents per Class A share per year) representing a yield of 5 per cent per year based on the $10-per-unit issue price. Commencing in 2008, the company will annually determine and announce each November an indicative distribution amount for the following calendar year based upon the prevailing market conditions and the estimate by the manager of distributable cash flow for the year. The amount of distributions may fluctuate from month to month and there can be no assurance that the company will make any distribution in any particular month or months. The company may make additional distributions in any given year.

 

 

Public offering:  Pursuant to the terms of the prospectus, up to 10 million units are being offered to the public at a price of $10 per unit by CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corp., Dundee Securities Corp., HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., Richardson Partners Financial Ltd. and Wellington West Capital Inc., as agents. In addition, the underwriters have been granted an overallotment option to purchase up to 15 per cent of the total number of Class A shares and up to 15 per cent of the total number of warrants issued at closing. The units will separate into Class A shares and warrants immediately upon issue.