Canadian Warrants

Symbol: EWP.WT.A
Cusip: 318625 13 4
Trading currency: Canadian
Designated market-maker: Independent Trading Group
Other markets: None
Additional information on the warrant offering may be found in the fund's
short-form prospectus dated Feb. 10, 2010, which is available at SEDAR.
Capitalized terms used but not otherwise defined are as defined in the
prospectus.

The fund uses the book-entry only system administered by CDS Clearing and
Depository Services Inc. with respect to units and the book-based system,
with respect to the warrants. The fund may also use the non-certificated
issue system or another system administered by CDS.

A holder of warrants may subscribe for the resulting number of units or any
lesser whole number of units by instructing the CDS participant holding the
subscriber's warrants to exercise all or a specified number of such
warrants and forwarding the subscription price for each unit subscribed for
in accordance with the terms of the offering and the warrant indenture to
the CDS participant which holds the subscriber's warrants. The subscription
price is payable in Canadian funds by certified cheque, bank draft or money
order drawn to the order of a CDS participant, by direct debit from the
subscriber's brokerage account or, by electronic funds transfer or other
similar payment mechanism. All payments must be forwarded to the
appropriate office of the CDS participant. The entire subscription price
for units subscribed for must be paid at the time of subscription and must
be received by the warrant agent prior to 5 p.m. (Toronto time) on the
expiry date.

Each holder of warrants that subscribes for units to which such holder is
entitled pursuant to the basic subscription privilege may, at any time
during the exercise period, subscribe for additional units pursuant to the
additional subscription privilege, if applicable, at a price equal to the
subscription price for each additional unit subject to availability.
Holders of warrants must fully exercise all of their warrants under the
basic subscription privilege in order to be eligible for the additional
subscription privilege. To apply for additional units under the additional
subscription privilege, a beneficial holder of warrants must forward their
request to a CDS participant prior to 5 p.m. (Toronto time) on the expiry
date. Payment for additional units, in the same manner as for units, must
accompany the request when it is delivered to the CDS participant, as the
case may be. Any excess funds will be returned by mail or credited to a
subscriber's account with its CDS participant without interest or
deduction. Payment in full of the subscription price must be received by
the warrant agent prior to 5 p.m. (Toronto time) on the expiry date,
failing which the subscriber's entitlement to such units will terminate.
Accordingly, the subscriber must deliver payment and instructions
sufficiently in advance of the expiry date to allow the CDS participant to
properly exercise warrants on such subscriber's behalf and apply for
additional units under the additional subscription privilege, as
applicable.

The units of the fund are not registered under the 1933 act. This offering
is made in Canada and not outside of Canada. This offering is not, and
under no circumstances is to be construed as, an offering of any units for
sale in the United States or an offering to or for the account or benefit
of any U.S. person or a solicitation therein of an offer to buy any
securities. Accordingly, no subscriptions will be accepted from any person,
or their agent, who appears to be, or who the fund has reason to believe
is, a national or resident of the United States.

It is expected that the CDS participant for unitholders resident outside of
Canada will, prior to the expiry date, attempt to sell for the warrants
allotable to such unitholders at the price or prices it determines in its
discretion. Any proceeds received by the CDS participant with respect to
such warrants are expected to be delivered by the CDS participant as soon
as practicable to such unitholders.

The warrants will be governed by the terms of a warrant indenture dated
Feb. 16, 2010, between the fund and Computershare Trust Company of Canada,
as warrant agent. The warrant indenture provides for appropriate
adjustments to the warrants in the event of stock dividends, subdivisions,
consolidations and other forms of capital reorganization. The fund will pay
a fee at the time the warrants are exercised equal to $7.09 per unit to the
dealer whose client is exercising the warrants.

 
First Asset Pipes to list 8,075,056 warrants on Feb. 26
 
2009-02-24 16:51 MST - Warrants Called to Trade
TSX bulletin 2009-0243
A total of up to 8,075,056 warrants of the fund will be listed and posted for trading at the open on Thursday, Feb. 26, 2009, on a when-issued basis, under the following trading information.
 
Warrant symbol:  EWP.WT
Warrant Cusip No.:  318625 12 6
Warrant trading currency:  Canadian dollars
Designated market-maker:  Independent Trading Group
Other markets:  None
 
The warrants are being issued to holders of outstanding transferable, redeemable units of the fund of record as of the close on Monday, March 2, 2009, on the basis of one warrant for each unit held. Each warrant entitles the holder thereof to subscribe for one unit at a subscription price of $5.88 per unit until 5 p.m. (Toronto time) on July 23, 2009. The warrants may be exercised commencing on March 3, 2009. Warrants not exercised by the expiry time will be void and of no value.

Holders of warrants who exercise their warrants in full are entitled to exercise an additional subscription privilege to purchase, on a pro rata basis, units not issued pursuant to the exercise of the basic subscription privilege by other holders of warrants, as set forth on page 7 of the fund's short form prospectus dated Feb. 18, 2009.

Registration of interests in and transfers shall be made through the book-based system operated by CDS Clearing and Depository Services Inc. Transfers of ownership of warrants will be affected through records maintained by CDS participants.

The warrants are governed by the terms of a warrant indenture dated Feb. 18, 2009, between the fund and Computershare Trust Company of Canada. The warrant indentures provide for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.
Please see elsewhere in today's Toronto Stock Exchange bulletins for information regarding the distribution to unitholders of the fund.
 
First Asset Pipes files final prospectus for offering

2009-02-18 16:54 MT - News Release

First Asset Pipes & Power Income Fund has filed a final short form prospectus relating to an offering of warrants to unitholders of the fund. Each unitholder of record on March 2, 2009, will receive one warrant for each unit held. One warrant will entitle the holder to purchase a unit of the fund at an exercise price of $5.88 (being the most recently published net asset value per unit prior to the date of the final short form prospectus) on or before July 23, 2009, the expiry date.

The fund has applied to list the warrants under the ticker symbol EWP.WT and the units issuable on the exercise thereof on the Toronto Stock Exchange. It is expected that the warrants will commence trading on Feb. 26, 2009, and will remain trading until noon (Toronto time) on the expiry date July 23, 2009.

Successful completion of the warrants offering will provide the fund with additional capital that can be used to take advantage of attractive investment opportunities, and it is also expected to increase the trading liquidity of the units and reduce the continuing management expense ratio of the fund.