FCMI Financial Corporation

January 25, 2011 16:43 ET

FCMI Financial Corporation Acquires Shares of Counsel Corporation

TORONTO, ONTARIO--(Marketwire - Jan. 25, 2011) - FCMI Financial Corporation has acquired 2,148,438 Series B Preferred Shares of Counsel Corporation (TSX:CXS) from Sherfam Inc. FCMI Financial Corporation immediately converted such Series B Preferred Shares into 5,500,001 Common Shares of Counsel Corporation at a conversion price of $0.75 per Common Share. FCMI Financial Corporation, its affiliates and accounts managed by one of its affiliates now hold 15,147,751 Common Shares, representing 19.62% of the issued and outstanding Common Shares of Counsel Corporation.

The Series B Preferred Shares (and the Common Shares resulting from the conversion of the Series B Preferred Shares) were acquired for investment purposes. FCMI Financial Corporation intends, subject to market conditions, to make additional acquisitions or dispositions in securities of Counsel Corporation in the future.

Contact Information

  • FCMI Financial Corporation
    Henry Fenig
    Executive Vice President
    416-350-2890
    416-364-0572 (FAX)