Orange Capital Completes Investment in Tuckamore

TORONTO, ONTARIO--(Marketwired - Aug. 5, 2014) - Orange Capital, LLC, through Orange Capital Master I, Ltd., which is an investment fund managed by it (collectively "Orange Capital") acquired, by way of private placement, ownership and control of 16,666,667 common shares (each a "Share") of Tuckamore Capital Management Inc. ("Tuckamore") at a price of $0.80 per Share, for total gross proceeds of $13,333,333.60 (the "Private Placement"). The Private Placement was completed pursuant to the terms of a subscription agreement (the "Subscription Agreement") dated July 25, 2014 among Tuckamore and Orange Capital and a letter agreement between the parties as of August 1, 2014. Based on the 96,941,241 common shares of Tuckamore outstanding after completion of the Private Placement, Orange Capital holds 17.2% all of the issued and outstanding common shares of Tuckamore. The Shares acquired are the only shares of Tuckamore currently held by Orange Capital.

Orange Capital acquired the Share for investment purposes. Orange Capital may, in the future, take such actions in respect of its holdings as it deems appropriate in light of the circumstances then existing. The Subscription Agreement and related letter agreement have been filed with the Canadian securities regulators and are available on www.sedar.com under Tuckamore's profile.

About Orange Capital

Orange Capital is a New York based investment firm. The firm is a value-oriented investor in event-driven securities. Orange Capital, LLC was co-founded in 2005 by Daniel Lewis and Russell Hoffman. Prior to founding the firm, Orange Capital's portfolio manager, Daniel Lewis, was a director with Citigroup's Global Special Situations Group.

Orange Capital's address is 1370 Avenue of the Americas, 23rd Floor, New York, NY 10019. For further information, including to obtain a copy of the report filed with the Canadian securities regulatory authorities in respect of which this news release relates, please contact Daniel Lewis, Managing Partner of Orange Capital, LLC, at 212-375-6040.