Rain Commodities subsidiary commence legal proceedings against Great Lakes Carbon Income Fund

With reference to the earlier announcement dated February 05, 2007, March 12, 2007 and March 16, 2007 wherein the Company had informed that Rain Commodities (USA) Inc, a wholly owned subsidiary of the Company (WOS) has entered into a definitive agreement with Great Lakes Carbon Income Fund, Toronto, Canada ("the Fund"), inter-alia to acquire all the assets of the Fund, consisting of 73.56% ownership interest in GLC Carbon USA Inc. ("GLC Carbon USA") and certain Unsecured Subordinated Notes of Huron Carbon ULC, a wholly owned subsidiary of GLC Carbon USA at a price of C$ 11.60 per Unit and the Company also informed that Rain Commodities (USA) Inc. ("Rain USA") has amended the terms of their previously announced agreement under which Rain USA agreed to acquire all of the assets of the Fund (the "Proposed Rain Transaction") by increasing the effective cash price per unit ("Unit") to be paid from C$ 11.60 to C$ 13.25 and the Company also informed you that the Company's Wholly owned subsidiaries namely Rain Commodities (USA) Inc ("Rain USA"), Rain Commodities (Canada) Inc ("Rain Canada") and Rain/GLC Holdings, LLC (collectively, "Rain") have commenced legal proceedings against the Fund, Carbon Canada Inc and GLC Carbon USA Inc. (collectively, "GLC"). Rain Commodities Ltd has announced that Rain Commodities (USA) Inc. ("Rain USA"), Rain Commodities (Canada) Inc. ("Rain Canada") and Rain/GLC Holdings, LLC have discontinued the previously announced legal proceedings against the Fund, Carbon Canada Inc. and GLC Carbon USA Inc. ("GLC"), after reviewing additional documents subsequently provided by GLC.

About the Fund

The Fund is a trust established to hold indirectly the securities of GLC Carbon USA Inc. ("GLC"). The Fund currently holds an indirect 73.56% interest in GLC. GLC is the world's largest producer of both anode and industrial grade calcined petroleum coke ("CPC"). Anode grade CPC is used in the production of aluminum. Industrial grade CPC is used in the production of other industrial materials including titanium dioxide. GLC produces CPC at its facilities located in Port Arthur, Texas; Enid, Oklahoma; Baton Rouge, Louisiana; and La Plata, Argentina.

Source : Equity Bulls

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