|Date Announced:||May 01, 2018|
|Client Name:||TerraVest Industries Inc.|
TerraVest Industries Inc. in its substantial issuer bid dated March 19, 2018 to purchase for cancellation up to 1,000,000 of its outstanding common shares at a purchase price of $10.00 per Share, as well as to purchase for cancellation up to $2,000,000.00 aggregate principal amount of the issued and outstanding 7.0% convertible unsecured subordinated debentures due June 20, 2020 at a purchase price of $1,212.12 per $1,000.00 principal amount of Debentures (or such greater amount of Shares and Debentures that the Company determines it will take up and pay for).
Subject to pro-ration to avoid purchases of fractional Shares and Debentures in principal amounts of less than $1,000, the total purchase price for the Shares deposited under the Offer will be approximately $11,000,000.00 and $2,424,240.00 for the Debentures deposited under the Offer, and will be funded with cash on hand. Payment for the Shares and Debentures deposited and accepted for purchase will be made as soon as practicable in accordance with the Offer.
Following the purchase and cancellation of the 1,100,000 Shares and $2,000,000.00 principal amount of Debentures deposited under the Offer, subject to pro-ration to avoid purchases of fractional Shares and Debentures in principal amounts of less than $1,000, TerraVest will have approximately 17,159,534 Shares and $19,594,000.00 aggregate principal amount of Debentures outstanding.