Vancouver – Leisure Canada Inc. (LCN-TSX-V) (the “Company”) is pleased to announce the closing of the post-closing option (the “Option”) in respect of the brokered private placement previously announced on July 13, 2009 and in respect of which an initial occurred on August 17, 2009. Pursuant to such Option, 19,540,000 units of the Company (the “Units”) were issued at a price of $0.20 per Unit raising aggregate gross proceeds of $3,908,000. The Offering was brokered by a syndicate of underwriters co-led by Dundee Securities Corporation and Paradigm Capital Inc., and including Northern Securities (together, the “Underwriters”).

On August 17, 2009, the Company announced the closing of the issue of 71,582,535 units for gross proceeds of $14,316,507. Pursuant to such closing and the Option, the Company has raised a total of $18,224,507 through the issuance of 91,122,535 Units.

Each Unit comprises one common share of the Company (each a “Unit Share”) and one-half of one common share purchase warrant of the Company (each whole such purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one additional common share of the Company (each a “Warrant Share”) at an exercise price of $0.25 until December 31, 2010.

Pursuant to the closing of Units under the Option, the Underwriters received (i) a cash commission of $48,180 and, (ii) 245,500 broker’s warrants (the “Broker Warrants”). Each Broker’s Warrant will entitle the holder to acquire one unit of the Company (each a “Broker Unit”) at an exercise price of $0.20 until December 31, 2010.

The Unit Shares, the Warrants, the Warrant Shares and the securities comprising the Broker Units will be subject to a four-month hold period in Canada. Completion of the Offering is subject to receipt by the Company of all necessary regulatory approvals.

Walter Berukoff, Executive Chairman stated, “The raising of over $18 million represents a significant milestone in the history of Leisure Canada. This financing confirms our shareholders confidence with the largest equity financing in the Company’s 23 year history.” Robin Conners, the Company’s newly appointed President and Chief Executive Officer added, “We are pleased with the success of this placement in a challenging financial market. The proceeds will provide the critical capital for the Company to realize upon the enormous potential of its developments in Cuba.”

The proceeds from the Offering will be used for advancement of the Company’s existing real estate development opportunities in Cuba and for general corporate purposes.

Leisure Canada is a leading developer of luxury resorts in Cuba, with multiple properties currently under development, including five-star hotels and championship golf courses.

Walter H. Berukoff
Chairman

For more information, please contact:
Investor Relations
Telephone:  (604) 990-9599 or 1-888-600-8687
E-mail: info@leisurecanada.com

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (“the U.S. Securities Act”) or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available

Cautionary language:
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Leisure Canada’s internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Leisure Canada. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Leisure Canada's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Leisure Canada's filings with the Canadian securities authorities. Accordingly, holders of Leisure Canada shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Leisure Canada disclaims any responsibility to update these forward-looking statements.