Clearwater Finance - Exercise of Over-allotment Option.


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.)