Maxam files bid materials and commences all-cash offer to acquire C.A.
Bancorp Inc.

VANCOUVER , Dec. 9 /CNW/ - Maxam Opportunities Fund Limited Partnership and Maxam Opportunities Fund (International) Limited Partnership announced that they have filed take-over bid materials and have formally commenced an offer to acquire, through an acquisition entity, C.A. Bancorp Inc. (TSX: BKP). The offer will remain open until 4:00 p.m. ( Vancouver time) on January 12, 2010 , unless withdrawn or extended. The take-over bid materials are available at www.sedar.com under C.A. Bancorp's profile.

As previously disclosed on December 3, 2009 , the offer is to acquire all of the issued and outstanding common shares of C.A. Bancorp for $1.22 per share in cash. The offer price represents a premium of approximately 20 per cent over the volume weighted average trading price of C.A. Bancorp common shares over the 30 trading days immediately prior to December 3, 2009 , and approximately 10 per cent over the closing price of C.A. Bancorp common shares on December 2, 2009 , the last trading day before Maxam disclosed its intention to make the offer.

On December 7, 2009 , Maxam published an advertisement summarizing the offer and filed the offer and take-over bid circular (and related documents) with Canadian securities regulatory authorities on SEDAR. Maxam will mail the offering documents to shareholders of C.A. Bancorp after Maxam receives shareholder information. Under applicable law, C.A. Bancorp is required to provide the information within 10 days of the date of the request. The request was made on December 4, 2009 .

Maxam strongly encourages shareholders of C.A. Bancorp to read the offer and take-over bid circular, which contains the full terms and conditions of the offer as well as detailed instructions on how shareholders can tender their common shares to the offer. Questions regarding the offer and take-over bid circular and requests for assistance in depositing common shares under the offer should be directed to Georgeson Shareholder Communications Canada Inc., the Information Agent for the offer, at 1-866-725-6574.

This news release may contain statements that constitute "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond Maxam's control, including, without limitation, uncertainty related to the completion of the offer to acquire C.A. Bancorp, the impact of legislative or regulatory developments, competition, global capital markets activity, changes in prevailing interest rates, currency exchange rates, inflation levels and general economic conditions. Actual results, performance or achievements may differ materially from those expressed in, or implied by this forward-looking information and, accordingly, no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that will derive therefrom.

Forward-looking information is based on the estimates and opinions of Maxam's management at the time the information is released and Maxam does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Information in this news release concerning C.A. Bancorp is based entirely on publicly available sources and has not been independently verified by Maxam. Maxam assumes no responsibility for the accuracy or completeness of such information.

Note: All financial figures are in Canadian dollars unless noted otherwise.

For further information: Johnny Ciampi, Managing Partner, [email protected], Tel: [phone] (Ext. 103); Sean Morrison, Managing Partner, [email protected], Tel: [phone] (Ext.102)