Tree Island Steel Ltd. Announces Further Acquisition of Shares by The Futura Corporation
09 January 2014 - 8:30AM
Marketwired
Tree Island Steel Ltd. Announces Further Acquisition of Shares by
The Futura Corporation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 8, 2014) - Tree
Island Steel Ltd. (the "Company" or "Tree Island Steel") (TSX:TSL)
announced that on January 8, 2014, The Futura Corporation
("Futura") acquired 10,000,000 common shares of Tree Island Steel
through the conversion of $5,000,000 principal amount of 10% Second
Lien Convertible Debentures at a conversion price of $0.50 per
common share.
Based on Tree Island Steel's current number of issued and
outstanding common shares, Futura now owns 44.13% of the issued and
outstanding common shares of the Company. Futura acquired these
common shares for investment purposes. Futura also owns 1,875,000
Warrants in Tree Island Steel. Futura may from time to time acquire
additional securities of Tree Island Steel, dispose of some or all
of the existing or additional securities, or continue to hold
securities of Tree Island Steel in the normal course of its
investment activities.
About Tree Island
Steel
Headquartered in Richmond, British Columbia, since 1964, Tree
Island Steel, through its four operating facilities in Canada and
the United States, produces wire products for a diverse range of
industrial, residential construction, commercial construction,
agricultural, and specialty applications. Its products include
galvanized and bright wire; a broad array of fasteners, including
packaged, collated and bulk nails; stucco reinforcing products;
concrete reinforcing mesh; fencing and other fabricated wire
products. The Company markets these products under the Tree Island,
Halsteel, K-Lath, Industrial Alloys, TI Wire, and Tough Strand and
Select Brand names. Tree Island Steel also owns and operates a
China-based company that assists the international sourcing of
products.
Tree Island Steel Ltd.Ali MahdaviInvestor Relations416-962-3300
or +1(866) 430-6247Tree Island Steel Ltd.Nancy Davies(604)
523-4587ndavies@treeisland.comwww.treeisland.com
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