On August 2, 2007, Foraco International SA announced that it had successfully completed its initial public offering of 14,040,870 common shares at a price of $2.40 per share for gross proceeds to Foraco of $33,698,088. In conjunction with the completion of the IPO, certain selling shareholders of Foraco sold, pursuant to a secondary offering, an aggregate of 520,000 common shares of Foraco at a price of $2.40 per share for gross proceeds to the selling shareholders of $1,248,000. The IPO and the secondary offering were led by Research Capital Corporation, and included CIBC World Markets Inc. and Canaccord Capital Corporation (collectively, the "Agents"). On August 20, the Agents exercised an over-allotment option in full, raising $5,054,712, resulting in gross proceeds to Foraco from the IPO of approximately $38,752,800. The proceeds will be used by Foraco to retire existing indebtedness, to expand the business by way of strategic acquisitions or through organic growth and for general corporate purposes. Foraco was advised in these offerings in Canada by Georald Ingborg, Lindy Bremner, Josh Lewis, Kate Seniowski and articled student Chris Sharpe of Fasken Martineau.