TriNorth Capital Inc. Reports Third Quarter Fiscal 2009 Results
During the third quarter, Trinorth posted a net loss of
For the nine months ended
Total assets at
During the third quarter of 2009, Feronia Inc., an agriculture company that Trinorth founded in 2008, completed a US$6.3 million round of financing. The proceeds of the financing were used to acquire ownership of Unilever plc's interest in Plantations et Huileries du
Subsequent to the end of the third quarter, the shareholders of Nyah Resources Corp. approved a proposal to acquire all of the shares of Russo-Forest Corp. Subject to approval of the transaction by the TSX Venture Exchange, the combined company will be renamed Russo-Forest Corp. and trade under the symbol "SAW".
During the quarter, Trinorth wrote down its investment in Saber Energy Corp. as an arms length financing was completed at a lower valuation than Trinorth's carrying value.
The portfolio is fully invested at this time.
The Manager will hold a conference call
Dial in number: (416) 695-7806 / (888) 789-9572 Passcode: 8173820
About TriNorth
TriNorth is a Canadian-based investment company that invests in a diversified portfolio of companies to generate long-term capital growth for shareholders. TriNorth takes an active interest in its investee companies from the earliest stages, providing strategic and financial counsel, support and direction to assist in their growth and success. TriNorth's investment strategy includes structuring and initiating deals focused on particular resources, themes or regions as well as launching the development of businesses in select industries by providing assistance with the hiring of management teams, providing seed capital and facilitating IPOs. All investment activities of TriNorth are managed by Lawrence Asset Management Inc, a leading Canadian alternative investment asset manager.
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the stated use of proceeds; plan of operations and comparative advantages; and benefits of this investment. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, regulatory risks, risks inherent in foreign operations, commodity prices, competition, and investments having no history of operations. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
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For further information: (416) 362-6283, Catherine Stretch, Lawrence Asset Management Inc., Toronto, Canada, [email protected], www.trinorthcapital.com
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