The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Supplement to the Colborne Express, Thursday, July 25th, 1957 NEW ISSUES Lakeland Natural Gas Limited (Incorporated under the laws of Ontario) $7,000,000 6% Subordinated Debentures Due July 15, 1982 700,000 Shares par value $1.00 per share The Debentures and the Shares will be offered in Units each consisting of a Debenture of $100 principal amount and ten Shares. The Shares will be deposited with the Depositary under the Deposit Agreement between the Company and Guaranty Trust Company of Canada. Five Shares will be transferable separately on and after October 15, 1957 and the remaining five Shares will be transferable separately on and after January 15, 1960 or such earlier date as may be fixed by the board of directors of the Company. Principal and half-yearly interest (January 15 and July 15) on the Debentures will be payable in lawful money of Canada at any branch in Canada (far northern branches excepted) of the Company's banker, to be specified in the Debentures, at the holder's option. Debentures on original issue will be in fully registered form in denominations of $100 and multiples thereof and will be exchangeable at any time on and after January 15, 1960, or such earlier date as the board of directors of the Company may fix, for coupon Debentures registrable as to principal only in the denominations of $500 and $1,000. The Debentures will be redeemable in whole at any time or in part from time to time at the option of the Company, or for sinking fund purposes, on not less than 30 days' notice at the principal amount thereof together with accrued interest to the date specified for redemption. The Company will covenant to establish a sinking fund for the Debentures and to pay to the Trustee on July 14 in each of the years 1962 to 1981 inclusive an amount equal to the smaller of (a) $130,000 in each of the years 1962 to 1967 inclusive, $220,000 in each of the years 1968 to 1977 inclusive, and $350,000 in each of the years 1978 to 1981 inclusive, or (b) 45% of Sinking Fund Net Income (as to be defined in the Trust Indenture). Trustee for Debentures Guaranty Trust Company of Canada Transfer Agent and Registrar for Shares National Trust Company, Limited, Toronto and Montreal We, as principals, offer 70,000 Units aggregating $7,000,000 principal amount of 6% Subordinated Debentures and 700,000 Shares subject to prior sale and change in price if, as and when issued by Lakeland Natural Gas Limited and accepted by us and subject to the approval of all legal matters on behalf of the Company by its counsel, Messrs. McCarthy & McCarthy, Toronto, who are also our counsel. Price: $120.00 Per Unit plus, in case of the Debentures, accrued interest from July 15, 1957 to the date of delivery. Subscriptions will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. It is expected that Units in definitive form will be available for delivery on or about July 24, 1957. A prospectus will be promptly furnished upon request. Gardiner, Watson, Fitzpatrick Limited Doherty, Roadhouse & Company Limited J. H. Crang & Company Dawson, Hannaford Limited Graham & Co. Molson Securities Limited Shearson, Hammill & Co. Walwyn, Stodgell & Co. Limited Wills, Bickle & Company Limited