SOF Investments, L.P. - Primary Energy Recycling Corporation - Early Warning

TORONTO, Nov. 19 /CNW/ - On October 1, 2009, the Company announced the filing of a prospectus (the "Prospectus") in respect of a rights offering to all shareholders resident in Canada and the United States (the "Rights Offering"). Shareholders of record resident in Canada and the United States as of the close of business on October 13, 2009 (the "Record Date") received one right (a "Right") for each common share of the Company held. Each Right entitled the holder thereof to acquire 2.532717 common share subscription receipts ("Subscription Receipts") at a subscription price of US$0.52 per Subscription Receipt (approximately C$0.55 per Subscription Receipt based on the noon exchange rate of the Bank of Canada on November 13, 2009).

On November 13, 2009, the Company announced the completion of the Rights Offering. Under the Rights Offering, a total of approximately 96 million Subscription Receipts were issued. Concurrently with the refinancing of the Company's existing term loan, each Subscription Receipt was automatically exchanged for one common share (the "Common Shares") of the Company. With the conversion of the Subscription Receipts into Common Shares, the Company announced that a total of 134,118,561 Common Shares of the Company will be outstanding.

As a result of the subscriptions made by SOF Investments, L.P. ("SOF Investments") under the Rights Offering, SOF Investments subscribed for and received 14,526,328 Subscription Receipts which were automatically exchanged for an aggregate of 14,526,328 Common Shares. Accordingly, SOF Investments now beneficially owns or controls or directs 19,558,010 Common Shares, representing approximately 14.6% of the outstanding Common Shares.

SOF Investments does not own or control any other Common Shares. SOF Investments may acquire, or acquire control or direction over, additional Common Shares or dispose of its Common Shares on the basis of its assessment of market conditions and in compliance with all applicable contractual and securities regulatory requirements.


For further information: For further information: or to obtain a copy of the Early Warning Report filed with this press release: SOF Investments, L.P., 645 Fifth Avenue, 21st Floor, New York, New York, 10022, Tel: (212) 303-1650, Attention: Marc R. Lisker

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