In June, 2004 Xceed Mortgage Corporation completed an initial public offering and secondary offering of common shares.  Xceed provides residential mortgage financing to borrowers who are unable to satisfy the underwriting criteria of traditional mortgage lenders.  Xceed is one of the fastest growing non-traditional residential mortgage financing companies in Canada, with mortgages under administration of approximately $874,000,000.  The IPO and secondary offering resulted in gross proceeds of $41,423,745.  Pursuant to the offerings, Xceed issued 5,000,000 common shares at an issue price of $5.50 per share for aggregate proceeds to Xceed of $27,500,000 and certain selling shareholders of Xceed sold 2,531,590 common shares at the issue price.  The underwriting syndicate for the offering was led by Sprott Securities Inc. and included TD Securities Inc., GMP Securities Ltd. and Desjardins Securities Inc.  

Xceed was represented by Davies Ward Phillips & Vineberg LLP with a team composed of Cameron Rusaw, Mindy Gilbert, Jennifer Grossklaus and Brooke Jamison.