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Aecon announces completion of equity financing

Apr 17, 2008

Toronto, Ontario – April 17, 2008: Aecon Group Inc. (“Aecon”) (TSX:ARE) announced today that it has completed the previously announced issuance of common shares on a bought deal basis to a syndicate of underwriters led by GMP Securities L.P. and including Paradigm Capital Inc., Raymond James Ltd., TD Securities Inc., Canaccord Capital Corporation, and CIBC World Markets Inc.   

The 4.0 million shares included in the bought deal agreement were sold at $18.25 per share, representing gross proceeds of $73.0 million.  Net proceeds of the Offering will be used to repay debt associated with recent acquisitions, for general corporate purposes including working capital, and for potential future acquisitions. 

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally. Aecon is pleased to be recognized as one of the 50 Best Employers in Canada as published by Report on Business Magazine.  The Company's shares are listed for trading on the Toronto Stock Exchange under the symbol ARE.