Arbutus Distributors Ltd. announces acquisition of convertible debentures and
warrants of Tree Island Wire Income Fund
After giving effect to the conversion of all Debentures and exercise of all Warrants, assuming that no other securityholder converts its convertible securities, Arbutus would own or control 5,650,000 Units, representing approximately 20.4% of the 27,737,489 Units that would then be outstanding on a fully diluted basis. Assuming the conversion and exercise of all of the Fund's outstanding debentures and warrants issued under the Private Placement, Arbutus' holdings would represent approximately 12.2% of the outstanding Units of the Fund.
Arbutus has acquired these securities for investment purposes. Depending on market and other conditions, Arbutus may, from time to time, increase or decrease its ownership, control or direction over the Debentures, Warrants or other securities of the Fund.
For further information: For further information: (including a copy of the report to be filed with Canadian securities regulators in connection with this acquisition) can be obtained by contacting: Peter M. Bull, President, Arbutus Distributors Ltd., Phone: (604) 682-2911
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