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QuStream completes US$10 million bought deal offering

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Confidential Client

On May 8, 2006, QuStream Corporation completed a bought deal public offering of 4,200,000 units for gross proceeds of $10,080,000 by way of a short form prospectus filed in all provinces of Canada, other than Quebec. Each unit consists of one common share and one half of one common share purchase warrant and each whole warrant entitles the holder to purchase one common share of the Company until November 8, 2007 at a price of $3.00 per share. The net proceeds from the offering will be used to repay outstanding indebtedness, to fund prior pension obligations and for general corporate purposes, subject to circumstances where for sound business reasons a reallocation of funds may be necessary. The offering was underwritten by a syndicate of underwriters led by Orion Securities Inc. and including GMP Securities L.P., MGI Securities Inc. and Paradigm Capital Inc. The underwriters were represented by Fasken Martineau with a team composed of Rubin Rapuch, John Sabetti and Daniel Rankin (corporate/securities) and Mitchell Thaw (tax).


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