Brascade Corporation

August 15, 2005 06:00 ET

Brascade Sells Common Shares of Falconbridge Limited

TORONTO, ONTARIO--(CCNMatthews - Aug. 15, 2005) - Brascade Corporation (TSX:BCA.PR.B) today announced that it has sold approximately 73.1 million common shares of Falconbridge Limited (NYSE/TSX: FAL) at C$28.00 per share to Xstrata plc for total proceeds of approximately C$2 billion (approximately US$1.7 billion).

Proceeds from the sale were US$1.327 billion of cash and US$375 million convertible debentures of Xstrata plc. The debentures have a coupon of 4% and are convertible into 12.1 million shares of Xstrata for a period of 12 years.

Brascade Corporation holds investments in the natural resources and property sectors. The common shares of Brascade are wholly owned by Brascan Corporation (NYSE/TSX: BNN), a global specialist asset manager focused on property, power and infrastructure assets.

Note: This press release may contain "forward-looking statements". The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the company's filing with the Canadian Securities regulatory authorities. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Brascade Corporation
    Katherine C. Vyse
    SVP, Investor Relations and Communications
    (416) 369-8246