Arbutus Distributors Ltd.

August 01, 2012 19:25 ET

Arbutus Distributors Ltd.: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2012) - On July 27, 2012 and July 30, 2012, Arbutus Distributors Ltd. (the "Offeror") acquired additional ownership of 228,000 and 26,000 units (the "Units"), respectively, of Tree Island Wire Income Fund (the "Fund") and acquired additional ownership of $155,000 and $100,000 principal amount of 10% second lien convertible debentures (the "Debentures"), respectively. The Debentures of which are exercisable into an additional 310,000 and 200,000 Units of the Fund, respectively, subject to anti-dilution. After giving effect to acquisition of the Units and Debentures, the Offeror now owns 311,000 Units representing approximately 1.4% of the Units. In addition, the Offeror owns $3,914,400 principal amount of Debentures, exercisable into 7,822,800 Units, subject to anti-dilution adjustments, and warrants to purchase 1,125,000 Units (the "Warrants"). After giving effect to the conversion of all Debentures and Warrants, assuming that no other securityholder converts its convertible securities or exercises its warrants, the Offeror would own or control 9,264,800 Units, representing approximately 30% of the 30,843,800 Units that would then be outstanding on a fully diluted basis. The Offeror acquired the Units through the Toronto Stock Exchange on July 27, 2012 at an average price of $0.38 per Unit and on July 30, 2012 at an average price of $0.40 per Unit. The Offeror acquired the Debentures through the Toronto Stock Exchange on July 27, 2012 at a price of $144,250 and on July 30, 2012 at a price of $97,989.

The Offeror acquired the Units and Debentures 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)