TORONTO, Jan. 26, 2011 (GLOBE NEWSWIRE) -- Sherfam Inc. announces that it has sold 3,006,491 series B preferred shares of Counsel Corporation (TSX:CXS) in a private transaction. Immediately following such sale, the purchasers of such preferred shares converted the shares into 7,696,617 common shares. Sherfam Inc. also announces that it converted an aggregate of 3,003,125 series B preferred shares of Counsel Corporation, being the balance of the series B preferred shares of Counsel Corporation owned by Sherfam Inc., into an aggregate of 7,688,000 common shares of Counsel Corporation. Immediately following such conversion, Sherfam Inc. sold 5,000,000 common shares of Counsel Corporation through a block trade arranged by an investment dealer through the facilities of the Toronto Stock Exchange. Following the aforementioned transactions and the conversion of series B preferred shares of Counsel Corporation by third parties, Sherfam Inc., together with joint actors, owns an aggregate of 10,229,905 common shares of Counsel Corporation, comprising approximately 13.25% of the outstanding common shares of Counsel Corporation.
The common shares of Counsel Corporation were issued from the treasury of Counsel Corporation at $0.75 per share pursuant to the terms of conversion of the series B preferred shares. To the knowledge of Sherfam Inc., no persons acting jointly or in concert with Sherfam Inc. intend to acquire any additional securities of Counsel.
The foregoing percentage is based on information provided by Counsel Corporation as to its outstanding shares.
A report containing additional information in respect to the foregoing may be obtained by calling Jeffrey Cohen at (416) 777-5422.
CONTACT: Jeffrey Cohen (416) 777-5422