TORONTO, ONTARIO--(Marketwire - March 18, 2013) - Evergreen Resources Holding (BVI) Ltd. (the "Offeror") announced its acquisition of 295,770,211 common shares in the capital of MagIndustries Corp. ("MagIndustries") as a result of the conversion of its $50,653,425 principal amount loan to MagIndustries. The common shares were issued at a deemed issue price of $0.1713 per share. This issuance of shares brings the number of common shares owned or over which the Offeror has control or direction to 653,008,894 common shares representing approximately 86% of the total issued and outstanding common shares of MagIndustries.
The Offeror exercised the conversion feature to improve MagIndustries' balance sheet. The Offeror may, directly or indirectly, depending on market and other conditions, acquire beneficial ownership of, control or direction over, additional common shares of MagIndustries, through market transactions, private agreements or otherwise, in accordance with applicable securities legislation. The Offeror may, depending on market and other conditions, sell any or all of their respective common shares.