|Date Announced:||October 22, 2018|
|Client Name:||TerraVest Industries Inc.|
TerraVest Industries Inc. in its substantial issuer bid dated September 11, 2018 to purchase for cancellation up to 450,000 of its outstanding common shares at a purchase price of $11.00 per Share, as well as to purchase for cancellation up to $1,000,000.00 aggregate principal amount of the issued and outstanding 7.0% convertible unsecured subordinated debentures due June 20, 2020 at a purchase price of $1,333.33 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).
The total purchase price for the Shares deposited under the Offer will be approximately $6,818,977 and $3,333,325 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 619,907 Shares and $2,500,000 principal amount of Debentures deposited under the Offer, TerraVest will have 17,033,224 Shares and $13,775,000 aggregate principal amount of Debentures outstanding.