Donald I. Clarke

December 19, 2012 10:58 ET

Donald I. Clarke Files Early Warning Report

MONTREAL, QUEBEC--(Marketwire - Dec. 19, 2012) - Donald I. Clarke (the "Offeror"), a former Chairman, CEO, Director and long time shareholder and beneficial owner of shares of Rutter Inc. (the "Corporation"), filed today an Early Warning Report pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103"), covering stock trades made subsequent to March 22, 2012 and up to December 14, 2012.

The last trade subject to NI 62-103 was made on December 14, 2012 by the Offeror's holding company, Gunite Investments Inc. ("Gunite"), which acquired on the market 17,000 common shares ("Shares") at a price of $0.045 per Share for an aggregate consideration of $765. As of December 14, 2012, after giving effect to this trade, the Offeror owned, or exercised control or direction over 14,221,548 Shares, representing approximately 18.54% of the issued and outstanding Shares on a non-diluted basis.

As disclosed in the press release of November 12, 2012 by the Offeror, Gunite had since the previous trade subject to NI 62-103 (at 16.54%), namely subsequent to March 22, 2012 and up to August 18, 2012, acquired, by a series of trades on the market, an aggregate of 1,221,000 Shares at prices ranging between $0.06 and $0.08 per Share, for an aggregate consideration of $83,710.

Subsequent to August 18, 2012 and up to December 14, 2012, Gunite acquired, by a series of additional trades on the market, an additional aggregate of 322,000 additional Shares (including the last trade bringing the Offeror at 18.54%) at prices ranging between $0.04 and $0.045 per Share, for an aggregate consideration of $13,500. No other trade has been made since December 14, 2012.

The Offeror acquired the Shares that are the subject of this press release for investment purposes. However, the Offeror may, depending on various factors including, without limitation, market and/or other conditions, increase or decrease his ownership, control or direction over Shares.

In this press release, for the purpose of calculating the percentage of Shares since March 22, 2012, the Offeror has assumed that there were 76,676,578 Shares issued and outstanding, as reported by the Corporation.

This press release is issued pursuant to NI 62-103, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting the Offeror at (514) 878-9880.

The Toronto Stock Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this press release.

Contact Information

  • Donald I. Clarke
    (514) 878-9880