First Asset Energy & Resource Fund and First Asset Energy & Resource Income & Growth Fund Announce Exchange Ratio
TORONTO, October 3, 2007 - First Asset Energy & Resource Fund (TSX: TRF.UN) ("Fund I") and First Asset Energy & Resource Income & Growth Fund (TSX: TXL.UN) ("Fund II") announce that upon the combination of the Funds which is scheduled to occur on October 4, 2007, Fund II will transfer to Fund I assets and liabilities worth $12,636,759.75 in exchange for the issuance of 456,565 units of Fund I. This exchange ratio is determined by dividing (i) the total net asset value of Fund II as at the close of business on October 3, 2007 by, (ii) the net asset value per unit of Fund I as at the close of business on October 3, 2007.
On a per unit basis, this means that each unit of Fund II will be converted into 1.4819 units of Fund I. The Limited Partners of Fund II will not be required to take any action in order to be recognized as limited partners of Fund I or to be in a position to trade units of Fund I following the transaction.
For further information, please contact Paul Dinelle, Executive Vice-President at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.