TORONTO, Sept 30, 2004 – Brascan Corporation (NYSE:BNN, TSX:BNN.A) announced today that its wholly-owned subsidiary, Brascade Corporation, has completed the sale to a syndicate of underwriters led by TD Securities Inc. and RBC Capital Markets of 10,000,000 common shares of Norbord Inc. (“Norbord”) (TSX:NBD) at a price of Cdn$12.75 per share for total proceeds of Cdn$127.5 million.
Brascan also announced the completion of the issue of Cdn$255 million principal amount of 25 year debentures due September 2029 exchangeable for up to 20,000,000 common shares of Norbord. These debentures were issued by a subsidiary of Brascade Corporation.
Following these transactions, Brascan continues to hold, indirectly, 53.8 million Norbord common shares, representing 36% of the Norbord common shares.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of US$17 billion and a further US$7 billion of assets under management. This includes 70 premier office properties and 120 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively.
For more information, please visit our web site at www.brascancorp.com
or contact:
Brascan Corporation:
Katherine C. Vyse
SVP, Investor Relations and Communications
Tel: 416-369-8246
E-mail: kvyse@brascancorp.com
Note: This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “expect”, “anticipate”, “intend”, “estimate” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the company's 40-F filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
