SHERMAN FOUNDATION

January 30, 2007 11:02 ET

Sherman Foundation: Press Release

TORONTO, ONTARIO--(CCNMatthews - Jan. 30, 2007) - Sherman Foundation (the "Foundation") announces that it acquired an aggregate of 351,284 series A preferred shares (the "Shares") of Counsel Corporation ("Counsel"), comprising approximately 2.9% of the outstanding series A preferred shares of Counsel after the issuance of the Shares. The Foundation owns all 11,965,299 outstanding series A preferred shares of Counsel. The Shares were issued in lieu of a cash dividend at the price of US$1.50 per Share pursuant to the terms of the series A preferred shares. Each series A preferred share of Counsel is immediately convertible at the option of the holder into one common share of Counsel, subject to adjustments. The Foundation, and any persons acting jointly or in concert with the Foundation, would own an aggregate of 14,378,999 common shares of Counsel, comprising approximately 24.6% of the outstanding common shares of Counsel, assuming the immediate conversion of all of the series A preferred shares owned by the Foundation into common shares of Counsel. The Foundation acquired the Shares for investment purposes and the Foundation and any persons acting jointly or in concert with the Foundation have no intention of acquiring any additional securities of Counsel except pursuant to the terms of the series A preferred shares.

A report containing additional information in respect to the foregoing may be obtained by calling Jeffrey Cohen at (416) 777-5422.

Contact Information

  • Jeffrey Cohen
    (416) 777-5422