TORONTO, ONTARIO--(Marketwire - Feb. 9, 2011) - Lightwater Partners, Ltd. ("Lightwater"), announced today its corrected holdings in securities of Great Pacific International Inc. (the "Issuer"). Lightwater has control or direction over 4,524,500 common shares and 6,000,000 warrants exercisable for common shares of the Issuer. Lightwater has a securityholding percentage, calculated in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103"), of approximately 19.70%. Lightwater exercises control over these securities as portfolio manager for the frontierAlt Resource Capital Class Fund (the "Fund").
The above holdings have been corrected to reflect the warrants held by the Fund, which were inadvertently omitted from Lightwater's January 25, 2011 press release and early warning report, and reflect the sale on January 31, 2011 of 125,500 common shares at an average price of $0.1662 per share in market transactions on the TSX Venture Exchange. Lightwater intends to disclose future changes in holdings of securities of the Issuer in accordance with Part 4 of NI 62-103.
The securities of the Issuer are held for investment purposes. Lightwater expects to review from time to time the Fund's investment in the Issuer and may, depending on the market and other conditions: (i) acquire securities or related financial instruments of the Issuer in the open market, in privately negotiated transactions or otherwise, and/or (ii) dispose of all or a portion of the securities or related financial instruments of the Issuer over which it now or hereafter exercises, or may be deemed to exercise, control or direction, or owns.
The issuance of this news release is not an admission that any entity named herein owns or controls any described securities or is a joint actor with another named entity.
Additional information is provided in the early warning report filed on www.sedar.com by Lightwater.
Contact Information: For further information or a copy of the early warning
report please contact: Lightwater Partners, Ltd.
Bryan Nunnelley
Partner & C.O.O.
416.504.9767
enunnelley@lightwaterpartners.com