Clearwater Seafoods to buy back up to C$5 million of units, debentures

By Marisa Wong

Madison, Wis., Aug. 12 - Clearwater Seafoods Income Fund announced that it received approval from the Toronto Stock Exchange to purchase and cancel up to C$5 million of a combination of its units, 10.5% convertible debentures due Dec. 31, 2013 and 7.25% convertible debentures due March 31, 2014.

As of Aug. 10, there were 27,745,695 units, C$45 million principal amount of 10.5% debentures and C$44,389,000 principal amount of 7.25% debentures outstanding.

The fund may not on any day repurchase more than the greatest of 25% of the average daily trading volume of each of the securities, representing 7,394 units, C$10,560 of 10.5% debentures and C$14,118 of the 7.25% debentures.

Within the maximum repurchase amount of C$5 million, the fund will not buy back more than 10% of the public float of any of its securities, representing 1,548,854 units, C$4,477,100 of 10.5% debentures and C$4,395,900 of 7.25% debentures.

The purchase period will begin on Aug. 16 and will end on Aug. 15, 2012.

The fund said that the purchase of units and debentures at the prevailing market price from time to time may be a worthwhile use of available funds and in the best interests of the fund and its unitholders.

Clearwater is a Halifax, N.S.-based supplier of premium seafood.

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