VICTORIA, Feb. 11 /CNW/ - British Columbia Investment Management
Corporation ("bcIMC") announces that it has acquired, through two wholly-owned
subsidiaries, control of 9.0% convertible debentures in the principal amount
of $100,000,000 (the "Debentures") of TimberWest Forest Corp. (the "Company").
The principal amount outstanding under the Debentures is convertible into
stapled units of the Company (the "Stapled Units") at a conversion price of
Cdn$3.50 at any time on or before February 11, 2014. Assuming full conversion
of the Debentures and no other Stapled Units being issued, bcIMC will have
control of 28,571,428 Stapled Units representing approximately 26.87% of the
currently issued and outstanding Stapled Units, or 23.69% of the currently
issued and outstanding Stapled Units if an additional $50,000,000 principal
amount of 9.0% convertible debentures issued by the Company pursuant to a
rights offering are also converted in full, and assuming no other Stapled
Units are issued.
The Debentures were acquired in a private transaction pursuant to the
accredited investor exemption from the prospectus and registration
requirements in National Instrument 45-106. The Debentures were acquired for
investment purposes only and bcIMC may acquire control of further securities
of the Company in the future.
This news release is being issued pursuant to Part 3 of National
Instrument 62-103 The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues of the Canadian Securities Administrators. A copy of
the report filed by bcIMC in connection with the acquisition of the Debentures
is available on Company's SEDAR profile, and it can also be obtained directly
from bcIMC by contacting the representative of bcIMC, Gwen-Ann Chittenden,
Manager Corporate Initiatives, at (250) 387-4650.
For further information:
For further information: Gwen-Ann Chittenden, Manager Corporate
Initiatives, (250) 387-4650