EDMONTON, May 29 /CNW/ - Further to disclosure requirements of applicable
securities laws, Mr. William Comrie of Suite 366, 220 Newport Centre Drive,
Newport Beach, California 92660, announced today that he has acquired (the
"Acquisition"), through a wholly owned corporation, $18 million of debt units
(the "Debt Units") of The Brick on a private placement basis. Each Debt Unit
consists of $1,000 principal amount of 12% senior secured debentures
("Debentures") due May 30, 2014 and 1,000 Class "A" unit purchase warrants
(the "Warrants"). Each Warrant entitles the holder to purchase one (1) Class
"A" unit (the "Class "A" Units") of The Brick at any time prior to 5:00 p.m.
(Eastern Standard Time) on May 27, 2014 at an exercise price of $1.00 per
Class "A" Unit, subject to certain anti-dilution provisions. Mr. Comrie's
purchase of Debt Units is part of a larger offering completed by The Brick
comprising a private placement of $90 million of Debt Units (including Mr.
Comrie's Debt Units) and a public offering of $30 million of Debt Units.
Upon completion of the Acquisition, Mr. Comrie beneficially owns and
controls 21, 561,983 Class "A" Units, 18,000 Debentures and 18,000,000
Warrants entitling the holder thereof to acquire an additional 18,000,000
Class "A" Units.
Assuming the full exercise of Mr. Comrie's Warrants (and no exercise of
Warrants by other holders), Mr. Comrie's holding in The Brick will be
39,561,983 Class "A" Units or approximately 54.81% of the total Class "A"
Units outstanding. The Debt Units were purchased for investment purposes. Mr.
Comrie continually reviews his investment alternatives and may purchase
additional securities of The Brick from time to time in accordance with
applicable securities laws.
This press release is issued pursuant to Multilateral Instrument 62-103
which also require a report to be filed with regulatory authorities containing
additional information with respect to the foregoing matters (the "Early
Warning Report"). A copy of the Early Warning Report will appear with The
Brick's documents on the SEDAR website, at www.sedar.com.
For further information:
For further information: K. Michael Garrett, (858) 509-4019