Arbutus Distributors Ltd.

June 11, 2012 17:27 ET

Arbutus Distributors Ltd.: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2012) - Effective June 7, 2012, Arbutus Distributors Ltd. ("Arbutus") acquired ownership of 350,000 common shares in the capital of Hardwoods Distribution Inc. In addition, pursuant to a share purchase agreement dated June 11, 2012, Arbutus acquired an additional 682,100 Common Shares (collectively, the "Common Shares") in the capital of Hardwoods Distribution Inc. (the "Acquisitions"), representing an aggregate total of approximately 6.38% of the issued and outstanding Common Shares of Hardwood Distribution Inc. Arbutus acquired 350,000 Common Shares through the Toronto Stock Exchange on June 7, 2012 at an average price of $4.455 per Common Share and 682,100 Common Shares pursuant to a share purchase agreement dated June 11, 2012 at a price of $4.46 per Common Share. As a result of the Acquisitions, Arbutus now owns 3,916,700 Common Shares, representing 24.21% of the issued and outstanding Common Shares of Hardwood Distribution Inc.

Arbutus acquired the Common Shares for investment purposes only and it may increase or decrease its ownership position in the future.

Contact Information

  • Arbutus Distributors Ltd.
    604-682-2911
    604-682-2729 (FAX)