Taiga Building Products Ltd. announces filing of final prospectus for rights offering

    BURNABY, BC, February 20, 2009 /CNW/ - Taiga Building Products Ltd. (TSX:
TBL), ("Taiga" or the "Corporation") today announced that it has received a
receipt dated February 19, 2009, for a final short form prospectus (the
"Prospectus") filed with the securities regulatory authorities in each of the
Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New
Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador and
the United States (the "Eligible Jurisdictions"), relating to its previously
announced rights offering (the "Offering"). Taiga is seeking to raise up to
$10 million in gross proceeds from the Offering.
    Under the terms of the Offering, shareholders of record on March 2, 2009,
will be entitled to receive one right ("Right") for each common share held.
Each Right will entitle eligible holders to purchase 2.218 common shares of
the Corporation at a price of $0.14 per common share. The exercise of Rights
and the payment for common shares must be completed by 5:00 p.m. (Toronto
time) on March 26, 2009 (the "Expiry Date"). Shareholders who fully exercise
their Rights are entitled to subscribe pro-rata for additional common shares,
if available, that are not otherwise subscribed for on or before the Expiry
    As previously announced, although there is no standby purchase commitment
with respect to the Offering, the Corporation's two principal shareholders
have each expressed an intention to the Corporation to exercise at least its
basic subscription right, subject to customary conditions, and provided that
in any event, neither will exercise its Rights under the Offering such as to
acquire beneficial ownership, control or direction over 50% or more of the
common shares of the Corporation then outstanding.
    Shareholders and purchasers of Rights should consult the Prospectus and
their own legal and financial advisors to determine their rights and
entitlements under the Offering.
    Taiga intends to use the entirety of the net proceeds of the Offering for
working capital purposes, including the reduction of the amount of
indebtedness owing under its revolving credit facilities.
    More detailed information is contained in the Prospectus available on
SEDAR at www.sedar.com.

    Forward-Looking Statements:

    This press release contains certain forward-looking information and
statements relating, but not limited, to future events or performance and
strategies and expectations of Taiga. Forward-looking information typically
contains statements with words such as "consider", "anticipate", "believe",
"expect", "plan", "intend", "likely", "may", "will", "should", "predict",
"potential", "continue" or similar words suggesting future outcomes or
statements regarding expectations, beliefs, plans, objectives, assumptions,
intentions or statements about future events or performance. Readers should be
aware that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements.
    These forward-looking statements reflect management's current
expectations or beliefs and are based on information currently available to
Taiga and although Taiga believes it has a reasonable basis for making the
forward-looking statements included in this document, readers are cautioned
not to place undue reliance on such forward-looking information. By its
nature, the forward-looking information of Taiga involves numerous assumptions
and inherent risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions, forecasts and other
forward-looking statements will not occur. These factors include, but are not
limited to, changes in business strategies; the effects of litigation,
competition and pricing pressures; changes in operational costs; changes in
laws and regulations, including tax, environmental, employment, competition,
anti-terrorism and trade laws; and Taiga's anticipation of and success in
managing the risks associated with the foregoing. A further description of
these additional factors can be found in the periodic and other reports filed
by Taiga with Canadian securities commissions and available on Sedar
(http://www.sedar.com). These forward-looking statements speak only as of the
date of this press release. Taiga does not undertake, and specifically
disclaims, any obligation to update or revise any forward looking information,
whether as a result of new information, future developments or otherwise,
except as required by applicable law.

For further information:

For further information: Tom Stefan, Vice President, Finance and
Administration; or Mark Schneidereit, Manager, Corporate Planning at (604)

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