Ravensden Asset Management Inc.

Ravensden Asset Management Inc.

August 19, 2009 10:53 ET

Ravensden Asset Management Inc. Acquires Interest in Leisure Canada Inc.

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2009) - In accordance with regulatory requirements, Ravensden Asset Management Inc. ("Ravensden"), Dundee Corporation's asset management company, announced today that it has acquired on behalf of mutual funds or other client accounts managed by it, an aggregate of 10,000,000 units of Leisure Canada Inc. ("Leisure Canada") at a price of $0.20 per unit (each a "Unit") pursuant to Leisure Canada's previously announced brokered private placement. Each Unit is comprised of one common share in the capital of Leisure Canada ("Common Share") and one-half of one common share purchase warrant (each whole purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.25 per Common Share. This represents an approximate 6.91% interest on an undiluted basis or, assuming the conversion of all warrants held, an approximate 10.02% interest in Leisure Canada. In addition, Dundee Corporation owns 1,300,000 common shares of Leisure Canada. Following this transaction, Dundee Corporation together with Ravensden, owns directly and indirectly, or has control and direction over, an aggregate of 11,300,000 common shares and 5,000,000 Warrants of Leisure Canada, which represents an approximate 7.81% interest on an undiluted basis or an approximate 10.88% interest assuming the conversion of all Warrants held.

The position in Leisure Canada was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.

Ravensden Asset Management Inc. is a wholly owned subsidiary of Dundee Corporation (TSX:DC.A).

Contact Information

  • Ned Goodman
    President & Chief Executive Officer
    (416) 365-5665