Global SeaFarms Corporation (formerly FRV Media Inc.)

Global SeaFarms Corporation (formerly FRV Media Inc.)

May 17, 2012 16:39 ET

Global SeaFarms Corporation Announces the Closing of the Acquisition of Global SeaFarms Group Inc.

MONTREAL, QUEBEC--(Marketwire - May 17, 2012) -

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Global SeaFarms Corporation, formerly known as "FRV Media Inc." ("GSC") is pleased to announce the closing of the acquisition of all of the issued and outstanding shares (the "Acquisition") of Global SeaFarms Group Inc. ("GSF") for a purchase price of $13.7M paid through the issuance by GSC of 68,536,689 class A shares of GSC (the "Class A Shares") at a deemed price of $0.20 per share.

As a result of the Acquisition, the Board of Directors of GSC now consists of 6 directors, namely W. Cameron McDonald, Robert Boisjoli, William Robertson, Daniel Stechey, René Guimond and Jonathan Dorval. The management of GSC now consists of W. Cameron McDonald, as President and Chief Executive Officer, Robert Boisjoli as Chief Financial Officer and Secretary, and William Robertson as Chief Operating Officer.

"This is an important step in our strategic plan to build an industry leader in the aquaculture sector in the Americas," said GSF CEO W. Cameron McDonald. "Subject to GSC obtaining listing on the CNSX, this will also provide public investors with a direct way to get exposure to the fastest growing sector of the global agri-food industry", McDonald added.

GSC has made an application to the Canadian National Stock Exchange ("CNSX") for the listing of its Class A Shares and, as previously announced, intends to complete a non-brokered private placement of up to $1,500,000 (the "Offering"). GSC reserves the right to increase the amount of the financing if there is a demand. The listing on the CNSX and the first closing of the Offering are scheduled to occur on or around May 24, 2012.

About Global SeaFarms

GSF is engaged in the identification and development of high-potential aquaculture projects in the Americas. GSF has two vectors to its growth strategy - warm water opportunities in the region of the Caribbean Sea and cold water opportunities in North America. GSF is currently expanding its warm water platform operation in the Dominican Republic and ramping up production of Florida Pompano for the U.S. seafood market. No regulatory authority has in any way passed upon the merits of the proposed GSF Transaction and nor have they approved nor disapproved the contents of this news release.

Contact Information

  • W. Cameron McDonald
    Global SeaFarms Group Inc.
    514-825-0007