TORONTO, ONTARIO, May 11, 2010 - Brookfield Special Situations (“BSS”) announced today that it has completed the previously announced acquisition of 14,905,712 common shares (the “Purchased Shares”) and warrants to acquire 10,094,288 common shares (the “Purchased Warrants” and, together with the Purchased Shares, the “Purchased Securities”) of Ainsworth Lumber Co. Ltd. (“Ainsworth”) for an aggregate purchase price of $56,250,000, or $2.25 per Purchased Security, in a privately negotiated transaction. BSS exercised all of the Purchased Warrants on closing of the transaction.
The Purchased Securities represent approximately 24.5% of the issued and outstanding common shares of Ainsworth on a fully diluted basis (excluding warrants not currently exercisable for common shares) as at today’s date. BSS now beneficially owns or exercises control or direction over 54,635,219 common shares of Ainsworth, representing approximately 53.5% of the issued and outstanding common shares on a fully diluted basis (excluding warrants not currently exercisable for common shares) as at today’s date.
A copy of the early warning report in respect of this acquisition will be available at www.sedar.com. For additional information, or for a copy of the early warning report, please contact:
Katherine Vyse
SVP, Investor Relations and Communication
Tel: (416) 369-8246
Fax: (416) 363-2856
Email: kvyse@brookfield.com
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About Brookfield Special Situations Group
The Brookfield Special Situations Group (“BSSG”) was established by Brookfield Asset Management Inc. (“Brookfield”) to provide long-term capital and strategic assistance to mid- market companies based in North America. BSSG seeks investment opportunities in industries in which Brookfield has significant operating expertise or a competitive advantage, including in the industrial products, building materials, metals and mining, homebuilding, forest products, oil and gas and manufacturing sectors. The BSSG team operates out of offices in Toronto, New York, Calgary, Vancouver and Montreal.