VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 8, 2014) - The Futura Corporation ("Futura") announced that on January 8, 2014 it acquired 10,000,000 common shares of Tree Island Steel Ltd. ("Tree Island") (TSX:TSL) through the conversion of $5,000,000 principal amount of 10% Second Lien Convertible Debentures at a conversion price of $0.50 per common share.
Based on Tree Island Steel's current number of issued and outstanding common shares, Futura now owns 44.13% of the issued and outstanding common shares of the Company. Futura acquired these common shares for investment purposes. Futura also owns 1,875,000 Warrants in Tree Island Steel. Futura may from time to time acquire additional securities of Tree Island Steel, dispose of some or all of the existing or additional securities, or continue to hold securities of Tree Island Steel in the normal course of its investment activities.
The Futura Corporation is a Vancouver, British Columbia based private asset management and investment company. Futura has interests in numerous private and public companies, and specializes in the building materials sector.