Brookfield Bridge Lending Fund Exercises Warrants
Issued by Second Wave Petroleum Ltd.
CALGARY, ALBERTA, January 15, 2008 – Brookfield Asset Management Inc. (NSE/TSX: BAM) announces that its bridge lending fund (the “Fund"), has exercised 37,788,636 Class A Share Purchase Warrants of Second Wave Petroleum Ltd. ("Second Wave") for approximately $4.7 million, which results in the Fund holding an aggregate of 67,077,272 class A shares of Second Wave ("Class A Shares"), or 40.1% of the issued and outstanding Class A Shares.
The Fund has exercised the Class A Share Purchase Warrants and acquired the Class A Shares for investment purposes only. In addition to the Class A Shares described above, the Fund holds a $9 million aggregate principal amount variable rate secured convertible debenture (the "Debenture") which is convertible, in whole or in part, into an aggregate of 81,818,181 Class A Shares. If the Fund were to convert the entire Debenture into Class A Shares then together with the Class A Shares it currently holds, it would hold approximately 60% of the then total issued and outstanding Class A Shares, assuming that Second Wave has not issued any additional Class A Shares.
This exercise of Class A Share Purchase Warrants by the Fund and corresponding increase in ownership of Class A Shares constitutes a change in material fact as disclosed in an early warning report dated October 2, 2007.
About Brookfield Bridge Lending Fund
Brookfield Bridge Lending Fund offers tailored solutions to North American companies in need of interim capital. Through co-investment with our institutional investors, we are able to execute individual transactions of up to $1 billion without syndication conditions or market flex. The Fund is managed by Brookfield Asset Management Inc.
For additional information, or for a copy of the early warning report filed in respect of the above transaction, please contact:
Brookfield Bridge Lending Fund Inc.
Suite 1700, 335-8th Avenue SW
Calgary Alberta T2P 1C9
tel: (403) 770-7215
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
NOTE: The statements in this press release concerning our future intentions regarding the Fund’s investment in Second Wave Petroleum Ltd. Class A Shares may contain forward-looking information and other "forward-looking statements", within the meaning of certain securities laws including Section 27A of the Securities Act of 1933, as amended, Section 21 E of the Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. We may make such statements in this release, in other filings with Canadian regulators or the SEC or in other communications. The reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors.
When relying on our forward-looking statements to make decisions with respect to Brookfield Asset Management Inc., investors and others should carefully consider the risks and factors detailed from time to time in the company's form 40-F filed with the Securities and Exchange Commission as well as other documents filed by the company with the securities regulators in Canada and the United States including in the Annual Information Form under the heading "Business Environment and Risks" and other uncertainties and potential events. The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.