Acquisition of Common Shares of Tree Island Steel Ltd. by The Futura Corporation
VANCOUVER, British Columbia, Sept. 09, 2020 (GLOBE NEWSWIRE) -- This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid
and Insider Reporting Issues in connection with the filing of an early warning report regarding the acquisition of common shares ("Shares") of Tree Island Steel Ltd. (the
"Company"), a corporation with its Shares trading on the Toronto Stock Exchange (the "TSX") under the symbol "TSL" and having a head office located at 3933
Boundary Road, Richmond, BC V6V 1T8.
On September 4, 2020, Mr. Amar S. Doman, indirectly through The Futura Corporation ("Futura"), acquired 19,600 Shares at a price of $2.15 per Share through the facilities of the TSX (the "Acquisition"). Additionally, from June 28, 2019, the date of Mr. Doman's most recently filed early warning report, to September 4, 2020, Mr. Doman, indirectly through Futura, acquired 556,700 Shares over the facilities of the TSX (the "Prior Acquisitions"). As a result of the Acquisition and the Prior Acquisitions, together, Mr. Doman, through Futura, acquired 576,300 Shares, which, based on the current issued and outstanding Shares, represents 2.015% of the issued and outstanding Shares as of the date hereof.
Prior to the Acquisition and the Prior Acquisitions, Mr. Doman, through Futura, beneficially owned and exercised control and direction over 8,834,850 Shares, representing approximately 30.63% of the then issued and outstanding Shares. Immediately following the Acquisition and the Prior Acquisitions, Mr. Doman, through Futura, beneficially owns and exercises control and direction over 9,411,150 Shares, representing approximately 32.91% of the currently issued and outstanding Shares.
The Shares were acquired for investment purposes. Subject to applicable securities laws, Mr. Doman, directly or indirectly through Futura, may, from time to time, depending on market and other conditions, acquire additional securities of the Company, dispose of some or all of the existing or additional securities of the Company, or continue to hold securities of the Company in the normal course of its investment activities.
A copy of the early warning report filed by Mr. Doman in connection with the Acquisition can be obtained on the Company's SEDAR profile at www.sedar.com.
The Futura Corporation
Amar S. Doman
President and CEO
2970 – 700 West Georgia Street
Vancouver, BC V7Y 1A1
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