Vancouver, British Columbia--(Newsfile Corp. - December 3, 2020) - Arbutus Distributors Ltd. ("Arbutus"), a private company controlled by Mr. Peter Bull, today announced the filing of an amended early warning report relating to its acquisition during the period from May 11, 2020 to November 30, 2020 (the "Reporting Period") of 600,100 common shares (the "Acquired Shares") in the capital of Tree Island Steel Ltd. ("Tree Island") through the facilities of the Toronto Stock Exchange, the NEO Exchange and Chi-X Canada. Tree Island is incorporated under the federal laws of Canada and has its head office at #3933 Boundary Road, Richmond, British Columbia, V6V 1T8.

The Acquired Shares represent an aggregate total of approximately 2.103% of the current issued and outstanding common shares of Tree Island. Immediately prior to the Reporting Period, Arbutus owned and exercised control and direction over 5,864,250 common shares of Tree Island, representing approximately 20.554% of the current issued and outstanding common shares of Tree Island. As of the date of this news release, Arbutus owns and exercises control and direction over 6,464,350 common shares of Tree Island, representing approximately 22.657% of the current issued and outstanding common shares of Tree Island. Further particulars of Arbutus' acquisition of the Acquired Shares are set out in the schedule attached to this news release.

Arbutus acquired the Acquired Shares for investment purposes. Depending on its evaluation of the business, prospects and financial condition of Tree Island, the market for Tree Island securities, general economic conditions and other factors, Arbutus may acquire additional securities of Tree Island, or may sell some or all of the securities of Tree Island which it holds, in the open market, by private agreement or otherwise. Arbutus relied on the normal course purchase exemption set out in Section 4.1 of National Instrument 62-104 - "Take-over Bids and Issuer Bids" with respect to its acquisition of Acquired Shares in excess of 20% of the issued and outstanding common shares of Tree Island.

Each statement in this press release of the percentage of the issued and outstanding common shares of Tree Island owned by Arbutus is based on the disclosure of the number of issued and outstanding common shares of Tree Island contained in the public disclosure documents filed by Tree Island on SEDAR.

This press release is being issued pursuant to National Instrument 62-103 - "The Early Warning System and Related Take-Over Bide and Insider Reporting Issues" which requires a report to be filed under Tree Island's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters.

Arbutus' head office is located at Suite 200, 2780 Granville Street, Vancouver, British Columbia, V6J 3J3. For inquiries or a copy of the early warning report required under Canadian securities legislation with respect to transactions referred to in this press release, a copy of which has been filed on www.sedar.com in accordance with applicable securities legislation, please contact:

Arbutus Distributors Ltd.
Contact person: Leonard Ruppenthal
Suite 200, 2780 Granville Street
Vancouver, BC V6J 3J3
Telephone: 604-682-2911
Facsimile: 604-682-2729

SCHEDULE

Acquisition of the Acquired Shares

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69499