Jan 25, 2008. /Lesprom Network/. Fraser Papers announced that it has completed the previously announced rights offering to its shareholders. Under the offering, a total of 20,656,913 common shares were issued at a price of $2.90 per share for aggregate proceeds of $59.9 million. The net proceeds from the Offering will be used to repay drawings under Fraser Papers' credit facility. Following completion of the rights offering, a total of 50,166,789 common shares of Fraser Papers are issued and outstanding. In satisfaction of its commitment under the Standby Purchase Agreement Brookfield Asset Management purchased a total of 18,813,245 common shares under the Rights Offering and now holds a total of 35,374,941 common shares being approximately 70.5% of the total number of common shares of Fraser Papers currently issued and outstanding. Prior to the commencement of the Rights Offering, Brookfield held 16,561,696 common shares of Fraser Papers, representing approximately 56% of the total number of common shares of Fraser Papers then issued and outstanding. Fraser Papers is an integrated specialty paper company which produces a broad range of specialty packaging and printing papers.