Norcast Income Fund completes C$77 million initial public offering of units

Torys acted as counsel to the fund and Norcast on the offering and the credit facility with a team that included Jamie Scarlett, Matthew Cockburn, Michael Pickersgill, Victoria Carrier and Michelle Kisluk (corporate/securities), Corrado Cardarelli and Jennifer Sandford (tax), Jonathan Weisz, Tom Zverina and Milosz Zemanek (credit facility), Christina Medland and Mitch Frazer (pension, benefits and executive compensation), Dennis Mahony (environmental) and Jessica Lumière (IP).

On June 22, 2005, Norcast Income Fund completed its initial public offering of 7,702,500 trust units at C$10 per unit for gross proceeds of C$77,025,000. The net proceeds of the offering were used by the fund to acquire Norcast Casting Company Ltd., a manufacturer of mill liners and small grinding media for the global mining industry.

The offering was underwritten by a syndicate that included CIBC World Markets and Scotia Capital as co-leads, and TD Securities and National Bank Financial.

Concurrent with the closing of the offering, on June 22, 2005, Norcast entered into a revolving credit facility for working capital requirements of up to an aggregate amount of C$10.0 million (subject to certain borrowing base limitations) and a term loan of an aggregate amount of C$19.9 million.