Faircourt Income & Growth Split Trust Closes Fully Subscribed Rights Offering at $11.3 Million

/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES./

TORONTO, Aug. 28 /CNW/ - Faircourt Asset Management Inc., as manager of Faircourt Income & Growth Split Trust (TSX: FIG.UN, FIG.PR.A, FIG.RT) (the "Trust") is pleased to announce that the Trust has completed its previously announced distribution to its unitholders of 4,903,305 rights (the "Rights") exercisable for units ("Units") of the Trust (the "Rights Offering"). All 4,903,305 Rights issued pursuant to the Rights Offering were exercised prior to their expiry (4:00 pm on August 27, 2009) for a total of 4,903,305 Units, each Unit consisting of one trust unit of the Trust (a "Trust Unit") and one transferable warrant to acquire a Trust Unit (a "Warrant"), at a price of $2.30 per Unit for aggregate gross proceeds of $11.3 million. Each Warrant entitles the holder thereof to purchase one Trust Unit on, and only on, June 25, 2010 at a subscription price of $4.00.

TD Securities Inc. was the dealer manager for the Rights Offering.

The Trust will use the net proceeds of this issue to increase capital for investment.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities in the United States. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended, and applicable state securities laws, or an available exemption from such registration.

Contacts

on the Faircourt Funds
please visit www.faircourtassetmgt.com or contact: Charles Taerk
President and CEO or Douglas Waterson
CFO and Portfolio Manager at (416) 364-8989 or 1-800-831-0304