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News Release
For Immediate Release
Rain Commodities does not match C$14.00 per unit offer by Oxbow to acquire the business of Great Lakes Carbon Income Fund
TORONTO, CANADA--Great Lakes Carbon Income Fund (the "Fund") (TSX: GLC.UN) announced today that Rain Commodities (USA) Inc. ("Rain USA") has not exercised its right to match the proposal made by Oxbow Carbon & Minerals Holdings, Inc. ("Oxbow") to acquire all of the assets of the Fund at an effective price of C$14.00 per unit of the Fund ("Unit") in cash.
As announced on March 20, 2007, the Board of Trustees had determined that Oxbow's C$14.00 per Unit proposal constituted a superior proposal for the purposes of the Fund's existing acquisition agreement (the "Rain Agreement") with Rain USA. Under the terms of the Rain Agreement, Rain USA had a right to match any offer made by another acquirer before the Fund was entitled to enter into an agreement with the competing acquirer.
As Rain USA did not exercise its right to match, a subsidiary of Rain USA will be entitled to a termination fee of C$17.0 million in accordance with the terms of the Rain Agreement. The Fund will now enter into a definitive agreement with Oxbow after the termination fee has been paid and certain other requirements have been met.
Contacts:
Oxbow Corporation
www.oxbow.com
Brad Goldstein
561-697-4300
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