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CAPVEST Income Corp. (TSX-V: CVS) rights offering fully subscribed raising $6.86 million
2006-08-09

TORONTO: CAPVEST Income Corp. (the “Corporation”) is pleased to announce that the rights offering, which expired on August 1, 2006, closed today, raising aggregate gross proceeds of $6,860,921.

Rights offering results: The results of the rights offering are as follows:

Number of shares initially subscribed for Number of shares issued under additional subscription privilege Total number of shares issued Total gross proceeds
25,739,023 20,000,452 45,739,475 $6,860,921

The rights offering was oversubscribed by 3,390,176 shares.

Use of proceeds: The net proceeds of the rights offering will be invested by the Corporation in accordance with its investment objectives, subject to the investment restrictions of the Corporation.

Dealer manager: Blackmont Capital Inc. was engaged as the dealer manager (the “Dealer Manager”) for the Rights Offering. The Corporation has paid the Dealer Manager a fee of $50,000 and $0.001 per common share issued under the Rights Offering. The Corporation will pay a subscription fee of $0.005 for each common share issued under the Rights Offering to members of the soliciting dealer group (including the Dealer Manager).

Investment objectives: The investment objective of CAPVEST Income Corp. is to generate capital appreciation and, to a lesser extent, income, through exposure to commodity-related investments, including commodity-related income trusts and the Rogers International Commodity Index (RICI).

Net asset value and trading price: As of August 3, 2006, the Corporation’s net asset value was $0.24 per share and the closing price on the TSX Venture Exchange was $0.16 per share, representing a 33 per cent discount to the net asset value.

Trading information: CAPVEST Income Corp. common shares and convertible debentures trade on the TSX Venture Exchange under the symbols CVS and CVS.DB respectively.

Debentures: CAPVEST Income Corp. unsecured convertible debentures have an interest coupon of 7% per annum, payable quarterly, with a maturity date of December 31, 2008. On August 8, 2006, the closing price on TSX Venture Exchange was $99.00 per debenture.

Sentry Select Capital Corp.: Sentry Select Capital Corp. provides investment, administrative and marketing services to 32 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 16 mutual funds, 15 principal-protected notes and three flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of June 30, 2006, the firm had over $8.0 billion in gross assets under management.

More information: Investor Services (broker/investor inquiries), Kinga Lam (media inquiries) or Kevin Cohen (Corporate Secretary) Tel: 1-888-246-6656 Fax: 416 364-1197 info@sentryselect.com www.sentryselect.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.


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