Date Closed

June 22, 2005

Lead Office

Toronto

Value

77.00 Million CAD

On June 22, 2005, Norcast Income Fund completed its initial public offering of 7,702,500 trust units at $10 per unit for gross proceeds of $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.

McCarthy Tétrault LLP advised the syndicate of underwriters with a team led by Jonathan Grant.