Gateway Casinos Income Fund completes $113 million offering

Date Closed: 9/17/2004

Value: $113 million

On September 17, 2004, certain unitholders (the selling unitholders) of Gateway Casinos Income Fund (the Fund) completed a $113 million secondary offering of 6,567,150 trust units. The Fund is one of the largest casino operators in Western Canada. The secondary offering, completed on a bought-deal basis, was through a syndicate of underwriters led by BMO Nesbitt Burns Inc., which included RBC Dominion Securities Inc., First Associates Investments Inc., Scotia Capital Inc., Sprott Securities Inc. and TD Securities Inc.

Bruce Sinclair, CA, of BLG provided tax counsel to the Fund.