MM Asset Management Inc.

May 01, 2013 14:55 ET

MM Asset Management Inc. Acquires Control Over Additional Common Shares of EACOM Timber Corporation

TORONTO, ONTARIO--(Marketwired - May 1, 2013) - MM Asset Management Inc. ("MMAM") announced that one fund it manages and advises, MMCAP International Inc. SPC ("MMCAP"), acquired an additional 10,000,000 common shares ("Shares") of EACOM Timber Corporation ("EACOM") on May 1, 2013 through the facilities of the TSX Venture Exchange ("TSXV"). A take-over bid for all of the outstanding Shares was filed by ET Acquisition Corporation, a corporation indirectly owned by funds managed by Kelso & Company, with the securities regulatory authorities on April 8, 2013.

Following the acquisition of these 10,000,000 Shares, MMCAP now beneficially owns and MMAM exercises control and direction over, in the aggregate, 46,806,748 Shares, which represents, as at the date hereof, approximately 9.77% of EACOM's 478,880,000 outstanding Shares, as reported by EACOM in its Management Discussion and Analysis dated March 18, 2013.

In aggregate, MMAM on behalf of MMCAP has acquired 14,651,750 Shares through the facilities of the TSXV since April 8, 2013.

MMCAP has acquired such securities for investment purposes only. Depending on market conditions and other factors, MMCAP may from time to time acquire additional securities of EACOM or dispose of such securities in the open market, by private agreement or otherwise.

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  • MM Asset Management Inc.
    Matthew MacIsaac