Global SeaFarms Corporation (formerly FRV Media Inc.)

May 31, 2012 16:53 ET

Global SeaFarms Corporation Announces the Closing of its Private Placement and Appointment of New Director

MONTREAL, QUEBEC--(Marketwire - May 31, 2012) -

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Global SeaFarms Corporation ("GSC" or the "Corporation") is pleased to announce that it completed a first tranche of its previously announced non-brokered private placement for gross proceeds of $1,072,000.

As part of this first tranche of private placement, the Corporation issued a total of 5,360,000 units (each, a "Unit") at a price of $0.20 per Unit. Each Unit consists of one Class A Shares of GSC and one Class A purchase warrant exercisable at a price of $0.40 per share until November 30, 2013.

As part of this private placement, a total of $34,700 has been paid as finder's fees.

Global SeaFarms Corporation is also pleased to announce that Mr. Mayco Quiroz has been appointed as Director of the Corporation to fill a vacancy.

W. Cameron McDonald, President and CEO stated: "We are very pleased to welcome Mayco to the Global SeaFarms Corporation Board and we look forward to his future contributions as the corporation grows and moves forward. His background and expertise in financial reporting and processes will complement the existing Board members' depth and expertise".

Further to this new appointment, the Board of Directors of the Corporation is composed of 6 directors, namely W. Cameron McDonald, Robert Boisjoli, William Robertson, Daniel Stechey, René Guimond and Mayco Quiroz.

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.

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