HELSINKI, April 12 /CNW/ - This press release is issued by Turret Oy Ab,
a Finnish limited liability company (the "Offeror"), pursuant to Section 111
of the Securities Act (British Columbia) and Section 176 of the Securities Act
(Alberta), with respect to its acquisition of units of Con-Space
Communications Ltd. (the "Issuer").
On April 11, 2007 (the "Closing Date"), the Offeror acquired 1,500,000
units of the Issuer at a price of Cdn$1.00 per unit pursuant to a private
placement offering (the "Offering"). Each unit consists of one common share
and one-quarter of one common share purchase warrant (each whole warrant a
"Warrant") with each Warrant exercisable into one common share of the Issuer
upon payment of Cdn$1.00 per unit if exercised during the 36-month period
following the Closing Date, Cdn$1.10 per Unit if exercised during the
following 12-month period and Cdn$1.22 per Unit if exercised thereafter.
Current with the closing of the Offering, the Offeror and the Issuer
entered into a separate loan transaction (the "Loan"), pursuant to which the
Offeror acquired 300,000 Warrants.
Prior to the completion of the Offering and the Loan, the Offeror did not
own any securities of the Issuer. Immediately following the Offering and the
issue of the Warrants in connection with the Loan, the Offeror held or
controlled 1,500,000 common shares of the Issuer and warrants to acquire a
further 675,000 common shares of the Issuer. Based on the currently
outstanding 14,773,380 common shares of the Issuer after completion of the
Offering, the Offeror holds 10.15% of the Issuer. Assuming exercise of all
warrants held by the Offeror, but assuming no exercise of the other warrants
issued by the Issuer on the Closing Date in connection with the Offering, the
Offeror would hold 14.08% of the issued and outstanding common shares of the
The Offeror has acquired the above mentioned securities of the Issuer for
investment purposes. Depending on economic or market conditions or matters
relating to the Issuer, the Offeror may choose to either acquire additional
common shares of the Issuer or dispose of common shares acquired under the
Offering or in connection with the Loan.
DATED as of April 12, 2007.
TURRET OY AB
For further information:
For further information: Paul Ehrnrooth, Managing Director, 011 358 09