Canadian Warrants

The listing covers warrants forming part of 30,000 debt units sold to the public at a price of $1,000 per debt unit pursuant to the terms of a short form prospectus dated May 21, 2009. Each debt unit consists of $1,000 principal amount of 12-per-cent senior secured debentures, due May 30, 2014, and 1,000 warrants. The units will separate immediately upon closing of the public offering.

Each warrant entitles the holder to purchase one additional Class A trust unit of the fund at a price of $1.00 per trust unit at any time prior to 5 p.m. (Eastern Time) on May 27, 2014.

The warrants will be governed by the terms of a warrant indenture, as may be amended, between the company and Computershare Trust Company of Canada. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization. In addition, the warrant indenture also provides for certain anti-dilution adjustments in the event of:

A rights offering completed at a price that is less than 95 per cent of the market price of the Class A trust units at the time of the rights offering;
If the fund conducts an issuer bid that is not conducted pursuant to an exemption from the issuer bid requirements of applicable securities legislation and the fair market value of the consideration offered for a Class A trust unit under such issuer bid exceeds the closing price of a Class A trust unit on the next trading day following the last date deposits could have been made pursuant to such issuer bid; or
If the fund issues Class A trust units (or securities convertible into or exchangeable for Class A trust units) pursuant to a non-public offering at a price that is less than 95 per cent of the market price of the Class A trust units at the time of such offering.
See elsewhere in today's Toronto Stock Exchange bulletins for information relating to the listing of debentures.