Press Release
December 4, 2000
CALGARY, ALBERTA -- TGS Properties Ltd. (``TGS'') and Destination Resorts Inc. (``DRI'') announced Dec. 1 that
Airstate Ltd. (``Airstate'') has agreed to invest $25,000,000 in DRI by private placement at a price of $1.15 per
share, resulting in the issuance of 21,739,130 common shares of DRI. The private placement is subject to regulatory
approval and is scheduled to close on or before January 15, 2001. Airstate is at arm's length to TGS and DRI. After
giving effect to the private placement, Airstate will hold 46.7% of the 46,541,420 issued and outstanding common
shares of DRI. The agreement contemplates that the interest of Airstate in DRI can be reduced to 40% and provides
for the grant by DRI of an option to TGS to purchase up to 7,806,405 common shares of DRI at a price of $1.15 per
share at any time up to four years from the date of the private placement.
TGS is a Calgary based, rapidly growing commercial real estate and development company specializing in the acquisition
and management of office buildings, community malls and industrial warehouses throughout Western Canada. DRI is
one of Western Canada's leading land development companies, holding one of the most strategic and valuable land
bases in North America, the Three Sisters Resort property.
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Contact:
TGS Properties Ltd. Douglas B. Richardson Secretary to the Board (306) 933-9933 Website: www.tgsproperties.com or Lloyd A. Wiggins Executive Vice President & CFO (403) 264-9944