RAB Special Situations (fka RAB)

[Tackler]

PCL Piper Capital shares acquired by RAB Special Situations

2005-04-08 15:25 ET - News Release

Mr. Neil Warrender of RAB Special Situations reports

RAB SPECIAL SITUATIONS L.P./PIPER CAPITAL INC.-ANNOUNCEMENT

Piper Capital Inc. investor RAB Special Situations LP has subscribed for 1.25 million units of the company at a price of 20 cents per unit. Each unit consists of one common share in the share capital of the company and one-half of one transferable share purchase warrant. Each whole warrant will entitle Special Situations to purchase one share at a price of 25 cents per warrant share for a period of 12 months from the closing date. The transaction took place off the market by way of private placement and closed on March 22, 2005.

Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 11.29 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).

Immediately after the private placement, Special Situations owned 1.25 million shares and 625,000 warrants, representing approximately 11.29 per cent of the issued and outstanding shares on a partially diluted basis.

Special Situations purchased securities for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations, together with joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of shares. However, Special Situations and its joint actors, if any, do not intend to acquire 20 per cent or more of any class of the outstanding voting or equity securities of the company.