TORONTO, April 20 /CNW/ - James D. Meekison announced today that Trimin Capital Corp. ("Trimin"), a company that is wholly owned by Mr. Meekison, has acquired ownership of 13,167,538 common shares in Burntsand Inc. (the "Company") formerly held by Interactive Selling Inc. ("ISI") for an aggregate price of Cdn. $855,889.97 or Cdn. $0.065 per common share for consideration of equivalent value by way of a private acquisition. The 13,167,538 common shares represent approximately 18% of the outstanding common shares the Company.
Prior to such acquisition, neither Mr. Meekison nor Trimin exercised control or direction over any shares of the Company. Following such acquisition, Mr. Meekison and Trimin Capital Corp., acting jointly or in concert, beneficially own or exercises control or direction over 13,167,538 common shares in the Company, or approximately 18% of the outstanding common shares.
The purpose of the transaction was to transfer an ownership interest in, and substantially all of the assets of, ISI to Trimin and partially settle indebtedness owing to Trimin by ISI. Mr. Meekison and Trimin intend to hold the common shares for investment purposes. Depending on market conditions and other factors, Mr. Meekison or Trimin may from time to time acquire additional securities of the Company or dispose of additional securities of the Company in the open market, by private agreement or otherwise.
SOURCE TRIMIN CAPITAL CORP.
For further information: For further information: or to obtain a copy of the report filed with the Ontario Securities Commission in respect of such purchase, please contact: James D. Meekison, Chairman & CEO, Trimin Capital Corp., Suite 3400, 2 Bloor Street West, P.O. Box 79, Toronto, ON, M4W 3E2, (416) 963-8880