VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 8, 2014) - Tree Island Steel Ltd. (the "Company" or "Tree Island Steel") (TSX:TSL) announced that on January 8, 2014, The Futura Corporation ("Futura") acquired 10,000,000 common shares of Tree Island Steel 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.
About Tree Island Steel
Headquartered in Richmond, British Columbia, since 1964, Tree Island Steel, through its four operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction, agricultural, and specialty applications. Its products include galvanized and bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island, Halsteel, K-Lath, Industrial Alloys, TI Wire, and Tough Strand and Select Brand names. Tree Island Steel also owns and operates a China-based company that assists the international sourcing of products.