CLAIRVEST ANNOUNCES NEW BRUNSWICK CASINO DETAILS
Toronto, Ontario (July 17, 2008) – Clairvest Group Inc. (TSX:CVG) today announced details of a $90-million investment by Sonco Gaming New Brunswick Limited Partnership to build Casino New Brunswick, a destination casino, hotel and multi-use entertainment and convention centre. The four members of Sonco are Sonco Gaming Inc., Navegante Group Inc., Clairvest Group Inc. and Riseley Gaming Inc.
The entire project plans to open in mid-2010, and is expected to be funded by $54 million of senior bank debt and $36 million in equity, with Clairvest and Clairvest Equity Partners III Limited Partnership providing a combined $32-33 million, representing an approximate 90% ownership interest.
Please refer to http://www.gnb.ca/cnb/news/fin/2008e1035fn.htm for more information from the Province of New Brunswick’s news release.