1/29/2010
NEWS BRIEFS
Tree Island Completes $10m Offering
Tree Island Wire Income Fund completed its previously announced Rights Offering, raising $10 million by issuing 10% second lien convertible debentures.
The Toronto Stock Exchange has conditionally approved the listing of the Debentures and will list the units issuable upon the conversion of the Debentures including any Debentures issued in lieu of cash interest payments. The approval of the listing of the Debentures is subject to the Fund fulfilling all TSX listing requirements.
“I am very pleased that the Rights Offering was oversubscribed, which will further assist in providing Tree Island with the working capital it requires to produce high quality steel products for our customers,” stated chairman Amar Doman. “This is another very positive step forward at Tree Island.”
Launched on November 12, 2002, the Fund holds a 100% ownership interest in Richmond, BC-based Tree Island Industries Ltd., which produces fasteners and other wire products. ©2010 GlobalFastenerNews.com
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