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Faircourt Gold Income Corp. announces exercise of over-allotment option in previously announced financing

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^{Published in Business and Finance on Tuesday, July 14th 2009 at 7:29 GMT, Last Modified on 2009-07-14 07:29:25 by Market Wire}  

 /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES./ TORONTO, July 14 /CNW/ - (TSX:FGX): Faircourt Asset Management Inc., the manager of Faircourt Gold Income Corp. (the "Company"), is pleased to announce the exercise in part by Canaccord Capital Corporation., on behalf of the syndicate of agents, of the over-allotment option granted to them in connection with the Company's offering (the "Offering") of units ("Units") that closed on July 9, 2009. Each Unit consisted of one Class A share ("Share") and one Class B Warrant ("Warrant"). As a result of the exercise of the over-allotment option, 150,000 Shares and 150,000 Warrants were issued at a subscription price of $7.40 per Share and $1.65 per Warrant, for aggregate gross proceeds of $1,357,500. This brings the gross proceeds raised in this public offering to $12,398,000. Both the Shares and Warrants are listed on the Toronto Stock Exchange under the symbols FGX and FGX.WT.B, respectively. The syndicate of agents for the Offering was led by Canaccord Capital Corporation and included CIBC World Markets Inc., Scotia Capital Inc., Dundee Securities Corporation, GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Blackmont Capital Inc., Desjardins Securities Inc., Haywood Securities Inc., Manulife Securities Incorporated, and Research Capital Corporation. The net proceeds of the Offering will be invested by the Company in accordance with its investment objectives and investment strategy, subject to the Company's investment restrictions. For information concerning the Company or the Offering please refer to the final prospectus dated June 25, 2009, a copy of which may be obtained from your financial advisor. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which the securities are not qualified for sale. About Faircourt Gold Income Corp. Faircourt Gold Income Corp. invests in a portfolio primarily consisting of common shares of senior and intermediate gold producers that are part of the S&P/TSX Global Gold Index (the "Portfolio"). The Company may also invest up to 30% of its net asset value in gold bullion. Faircourt Asset Management Inc. is the manager of the Company (the "Manager"). The Company has engaged Connor, Clark & Lunn Capital Markets Inc. to write covered call options on securities held in the Portfolio and cash secured put options on securities desired to be held in the Portfolio. It is the Manager's belief that by utilizing the option strategy, it will assist in providing shareholders of the Company with lower volatility and potentially enhanced returns than they would otherwise have achieved by owning the individual securities in the Portfolio directly.

For further information: Charles Taerk, President, or Douglas Waterson, CFO, at (416) 364-8989 or 1-800-831-0304