December 8, 2008 - GMP Capital Trust Stengthens Capital Position

Toronto, ON (December 8, 2008) – GMP Capital Trust (TSX: GMP.UN) (“GMP”) today announced that it has agreed to privately place up to 4,615,400 preferred security units (the “Units”) at $6.50 per Unit, for gross proceeds of up to $30 million (the “Offering”). Each Unit will consist of one $6.50 par value 10% cumulative perpetual non-voting preferred limited partnership unit of GMP Preferred L.P., a newly-formed indirect subsidiary of GMP, and one warrant to purchase one fund unit of GMP (the “Fund Units”) at an exercise price of $6.50. The preferred limited partnership units will be entitled to receive a 10% cumulative perpetual preferred distribution in cash when declared by the general partner of GMP Preferred L.P. The warrants will be exercisable at the holder’s option at any time and from time to time, in whole or in part, for five years.


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