VANCOUVER, March 7 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN) (the "Fund") announced today that 3,868,905 Fund Units were issued pursuant to the exercise of Rights issued to Unitholders and a private placement to 0774327 B.C. Limited, an affiliate of Jim Pattison Developments Ltd. and a member of The Jim Pattison Group. The Units were issued at a price of $10.45 per Unit and the Fund has received gross subscription proceeds totaling $40,430,057.
Jim Pattison Developments Ltd. and its affiliates exercised all of the Rights issued to them as Unitholders and Rights acquired in the market, and acquired 310,448 Units pursuant to the Rights offering in addition to the 1,913,875 Units acquired under the private placement. Accordingly, Jim Pattison Developments Ltd. and its affiliates now hold 11,338,123 Units of the Fund, being 15.27% of the outstanding Units.
Certificates representing the Units issued upon exercise of the Rights will be mailed today to holders by Computershare Trust Company of Canada. Computershare will also mail cheques representing the refund of the balance of subscription proceeds paid by those holders of Rights who exercised the additional subscription privilege provided to them and were prorated.