CALGARY, ALBERTA, October 28, 2011 - Pursuant to the previously announced rights offering (the "Rights Offering") by Insignia Energy Ltd. (the "Corporation"), Brookfield Special Situations Partners Ltd. ("Brookfield") has received 17,681,689 rights (the "Rights") in respect of the 17,681,689 common shares ("Common Shares") of the Corporation currently held by Brookfield, which represents approximately 58% of the Common Shares currently outstanding. Each Right entitles the holder thereof, at or prior to 5 pm (Calgary time) on November 17, 2011, to subscribe for 0.9230816 of a Common Share, such that the holder may exercise 1.083327836 Rights to purchase one Common Share for $1.06. In connection with the Rights Offering, Brookfield and the Corporation have agreed to amend the Investor Rights Agreement dated June 2, 2008, and the Corporation, Brookfield and the individual shareholders of Insignia who were parties to the Original Investor Rights Agreement entered into an Amended and Restated Investor Rights Agreement dated as of October 6, 2011 (the "Amended Investor Rights Agreement") to reflect these amendments. The Amended Investor Rights Agreement becomes effective upon the completion of the Rights Offering. Details of the Amended Investor Rights Agreement are set forth in the Early Warning Report of Brookfield dated the date hereof and a copy of the Amended Investor Rights Agreement is available on www.sedar.com under the profile of the Corporation.
For additional information, or for a copy of the early warning report filed in respect of the above transaction, please contact:
Brookfield Special Situations Partners Ltd.
Suite 1700, 335-8th Avenue SW
Calgary Alberta T2P 1C9
tel: (403) 770-7215
About Brookfield Special Situations Partners
Brookfield Special Situations Partners (“BSS”) was established by Brookfield Asset Management Inc. (“Brookfield”) to provide long-term capital and strategic assistance to mid-market companies based in North America. BSS 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 BSS team operates out of offices in Toronto, New York, Calgary, Vancouver and Montreal.
NOTE: The statements in this press release concerning Brookfield’s future intentions regarding Brookfield’s investment in Insignia Energy Ltd.’s Common 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. Forward looking statements are identified by words such as, but not limited to, "could", "may", and "will". Readers are cautioned that actual results may vary from the forward-looking information contained herein. 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.