Trapeze Capital Corp. and Trapeze Asset Management Inc. Announce Acquisition of Securities of Canadian Phoenix Resources Corp.



    TORONTO, March 31 /CNW/ - Trapeze Capital Corp. ("TCC") and Trapeze Asset
Management Inc. ("TAMI") announced today that they have acquired control or
direction over an aggregate of 89,470,800 common shares ("Common Shares") of
Canadian Phoenix Resources Corp. (the "Corporation") through the conversion of
convertible debentures ("Debentures"). Each $1.00 of invested amount of
Debentures was converted into 12 Common Shares of the Corporation.
    TCC and TAMI now exercise control or direction over an aggregate of
168,815,400 Common Shares, representing approximately 33.4% of the issued and
outstanding Common Shares. In addition, TCC and TAMI exercise control or
direction over Warrants exercisable into 61,848,000 Common Shares. If all of
these Warrants were exercised, TCC and TAMI would exercise control or
direction over an aggregate of 230,663,400 Common Shares, representing
approximately 40.7% of the then issued and outstanding Common Shares (on a
partially diluted basis, i.e., assuming no Warrants were exercised by other
holders).
    TCC and TAMI are Toronto-based portfolio management firms. TCC and TAMI
acquired the above-referenced securities on behalf of their respective managed
accounts for investment purposes. TCC, TAMI, and their affiliates reserve the
right to acquire further securities of the Corporation depending on market
conditions and other relevant factors.
    The common shares of the Corporation trade on the TSX Venture Exchange.





For further information:

For further information: An early warning report in respect of the above
noted transactions will be filed on SEDAR. A copy of this report and further
information can be obtained from: Randall Abramson, President, Trapeze Capital
Corp., 22 St. Clair Avenue East, 18th Floor, Toronto, ON, M4T 2S3, (416)
361-1498; Randall Abramson, Chief Executive Officer, Trapeze Asset Management
Inc., 22 St. Clair Avenue East, 18th Floor, Toronto, ON, M4T 2S3, (416)
861-0774

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TRAPEZE CAPITAL CORP.

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