TORONTO, ONTARIO--(Marketwire - Oct. 29, 2012) - Kernwood Limited announced today that it has sold an aggregate of 418,033 common shares of Brick Brewing Co. Limited ("Brick Brewing" or the "Company) (TSX:BRB) on the Toronto Stock Exchange at a price of Cdn.$1.50 per share.
The 418,033 common shares represent approximately 1.5% of the outstanding common shares in Brick Brewing.
Prior to such transaction, Kernwood Limited beneficially owned or exercised control or direction over 3,691,666 common shares and 1,041,666 common share purchase warrants of the Company (each, a "Warrant") representing, assuming the full exercise of the Warrants, 15.9% of the issued and outstanding common shares. Kernwood now beneficially owns or exercises control or direction over 3,273,633 common shares and 1,041,666 Warrants of the Company representing, assuming the full exercise of the Warrants, 14.5% of the issued and outstanding common shares. Each Warrant entitles Kernwood to purchase one additional common share until October 31, 2013 at a price of $0.71 per share.
Kernwood Limited sold the common shares to make cash available for the exercise of the Warrants and other investment opportunities as they arise. Kernwood Limited continues to hold its remaining common shares of Brick Brewing for investment purposes. Depending on market conditions and other factors, Kernwood Limited may from time to time acquire additional securities of Brick Brewing or dispose of additional securities of Brick Brewing in the open market, by private agreement or otherwise.