CALGARY, Oct. 4 /PRNewswire-FirstCall/ -- Canadian Equipment Rental Fund Limited Partnership ("CERF LP") has closed the first tranche of the previously announced private placement, on a non-brokered basis. CERF LP issued 640,000 limited partnership units of CERF LP ("Units") at a price of $2.50 per Unit for gross proceeds of $1,600,000. CERF LP paid an aggregate finder's fee of $84,000 to certain agents in consideration for placing 480,000 Units under the private placement. The Units issued pursuant to the private placement are subject to a hold period that expires on February 5, 2007. A second tranche of the private placement for up to an additional 960,000 Units, also at a price of $2.50 per Unit, is expected to be completed later in October, 2006.
The proceeds of the private placement will be used to fund the purchase of equipment and to thereby expand CERF LP's equipment rental fleet and for general partnership purposes.
Advisory regarding forward-looking statements
This press release contains forward-looking statements. These forward-looking statements are subject to various risk factors and uncertainties, which may cause the actual results, performances or achievements of CERF LP to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements.
CERF LP is an Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF LP trades on the TSX Venture Exchange under the symbol "CFL.UN" and now has 3,938,116 Units issued and outstanding.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
