INTRAWEST CORPORATION RAISES $73.1 MILLION IN PUBLIC OFFERING

SOURCE: Intrawest Corporation

April 23, 1999
Intrawest Corporation has announced the closing of an offering of 3,000,000 common shares at a price of $25.40 per common share for gross proceeds to the Company of $73.1 million. The offering was co-led by ScotiaMcLeod Inc. and RBC Dominion Securities Inc. and co-managed by CIBC Wood Gundy Securities Inc. and Merrill Lynch Canada Inc. The Company intends to use all of the proceeds to reduce bank indebtedness.

Intrawest is headquartered in Vancouver, British Columbia and its shares are traded on the Toronto and Montreal exchanges (ITW) and the New York Stock Exchange (IDR).

The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the U.S. Securities and Exchange Commission.