Clearwater Seafoods Income Fund (the "Fund") (TSX:CLR.UN) and Clearwater Seafoods Limited Partnership ("Clearwater") have announced today that the Fund's syndicate of underwriters has exercised the over-allotment option of $4,542,000 principal amount of its most recent Series 2007 7.25% convertible unsecured subordinated debenture offering, increasing the gross proceeds of the offering to $48,042,000. The offering was undertaken on a bought deal basis by a syndicate of underwriters led and bookrun by TD Securities Inc. with co-lead underwriters BMO Capital Markets and Scotia Capital Inc. and including CIBC World Markets Inc., National Bank Financial Inc. and Beacon Securities Limited. The net proceeds of the offering will be used to enhance Clearwater's capital structure and more importantly to provide the flexibility to allow Clearwater to pursue potential accretive acquisitions that will be a strategic fit with its plan for growth. About Clearwater Clearwater is recognized for its consistent quality, wide diversity and reliable delivery of premium seafood, including scallops, lobster, clams, cold water shrimp, crab and groundfish. Since its founding in 1976, Clearwater has invested in science, people, technology, resource ownership and resource management to preserve and grow its seafood resource. This commitment has allowed it to remain a leader in the global seafood industry. %SEDAR: 00018023E /For further information: Robert Wight, Chief Financial Officer, Clearwater, (902) 457-2369; Tyrone Cotie, Director of Corporate Finance and Investor Relations, Clearwater, (902) 457-8181/ (CLR.UN.)