EarthFirst Canada Inc. ("EarthFirst") (TSX: EF, EF.WT) is pleased to announce that it has completed the issuance of an aggregate of 1,778,000 common shares ("Common Shares") at a price of $2.10 per share and 906,000 common share purchase warrants ("Warrants") at a price of $0.30 per Warrant for aggregate gross proceeds of approximately $4 million. Each Warrant entitles the holder thereof to purchase one Common Share at a price of $2.60 at any time until December 11, 2009. This offering was made as a result of the exercise of an over-allotment option granted to the underwriters in connection with EarthFirst’s previously completed initial public offering.

EarthFirst completed its $140 million initial public offering of units (consisting of one Common Share and one half of one Warrant) and flow-through shares, within the meaning of the Income Tax Act (Canada), on December 11, 2007. The net proceeds from the initial public offering and the net proceeds from the issuance of Common Shares and Warrants pursuant to the exercise of the over-allotment option will be used to fund the initial construction costs of the Dokie I Project, ongoing development of EarthFirst's other windpower projects and general corporate purposes.

The offering was made through a syndicate of investment dealers co-led by GMP Securities LP and Scotia Capital Inc. and includes National Bank Financial Inc., TD Securities Inc., Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Orion Securities Inc. and Fraser Mackenzie Limited.

EarthFirst is a leading Canadian developer of wind energy projects with a portfolio of over 2,500 MW of potential renewable generating capacity. This includes 174 MW which is expected to be in commercial production by the end of 2009 and an additional 226 MW which are fully permitted and expected to be tendered into the BC Clean Power call this year. Common Shares and Warrants of EarthFirst Canada Inc. are listed on the TSX under the symbol EF and EF.WT, respectively.

For further information, please contact:

Grant Bunker
Director, Investor Relations
EarthFirst Canada Inc.
Tel: (416) 628-2164
Toll Free: 1 866-622-4715
E-mail: gbunker@earthfirstcanada.com

Derren Newell
VP, Finance and Chief Financial Officer
EarthFirst Canada Inc.
Tel: (403) 513-0766
Toll Free: 1 877-513-0777
E-Mail: dnewell@earthfirstcanada.com

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or applicable exemption from the registration requirements. This press release does not constitute an offer of the securities in the United States or in any jurisdiction where such offer is prohibited.

A PROSPECTUS RELATING TO THESE SECURITIES HAS BEEN FILED WITH SECURITIES COMMISSIONS OR SIMILAR AUTHORITIES IN EACH OF THE PROVINCES OF CANADA AND IS AVAILABLE AT WWW.SEDAR.COM. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY SECURITIES IN ANY JURISDICTION.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART (I) IN OR INTO THE UNITED STATES, THE UNITED KINGDOM, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND, GERMANY, SWITZERLAND, SOUTH AFRICA OR ANY OTHER JURISDICTION IN OR INTO WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL; OR (II) TO ANY NATIONAL, RESIDENT OR CITIZEN OF SUCH JURISDICTIONS.

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EFC-PR07_2008-01-04 over_allotment_closing_FINAL.pdf	en	116.39 KB