Palos Merchant Fund L.P.

July 02, 2015 16:38 ET

Palos Merchant Fund L.P. Files an Early Warning Report in Connection With Global SeaFarms Corporation

MONTREAL, QUEBEC--(Marketwired - July 2, 2015) - Palos Merchant Fund L.P. ("Palos Fund") would like to announce that on June 30, 2015, it acquired control and direction over an aggregate of 67,050,000 Class A shares (the "Class A Shares") of Global SeaFarms Corporation ("GSF") pursuant to the conversion (the "Conversion") of a previously-issued convertible debenture of GSF in the amount of $670,500 (the "Convertible Debenture") at a conversion price of $0.01.

Prior to the Conversion, Palos Fund already held 11,062,145 Class A Shares. The Conversion of the Convertible Debenture therefore resulted in the acquisition by Palos Fund of control over 78,112,145 Class A Shares, which represent an interest of 22.93% in GSF's currently issued and outstanding Class A Shares.

Palos Management Inc., which is the General Partner of the Palos Fund, Charles Marleau, Peter Malouf, P.J. Malouf & Co. Inc., 99869 Canada Inc., Robert Boisjoli, Sociéte en Commandite BENT, Atwater Financial Group Inc. may be considered joint actors with the Palos Fund in connection with its investment in GSF (the "Palos Entities").

After giving effect to the Conversion, collectively, the Palos Fund and the Palos Entities own, control or direct, directly and indirectly, 96,220,087 Class A Shares of GSF (the "Acquired Shares"), representing approximately 28.25% of the issued and outstanding Class A Shares.

The Acquired Shares are held for investment purposes and, in accordance with applicable securities laws, the Palos Fund and the Palos Entities may increase or decrease their investments in GSF depending on market conditions and other relevant factors.

The Convertible Debenture was acquired pursuant to Section 2.3 of National Instrument 45-106 respecting Prospectus Exemptions.

The issuance of this news release is not an admission that an entity named in this news release owns or controls any described securities or is a joint actor with another named entity for the purposes of Canadian securities law.

A report with respect to the acquisition of the Acquired Shares will be electronically filed with the Autorité des marchés financiers and will be available for viewing through the Internet at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Contact Information

  • Mr. Charles Marleau, Palos Merchant Fund L.P.
    1 Place Ville-Marie Suite 1670
    Montreal, QC
    H3B 2B6
    Tel: (514) 397-0188
    Email: info@palosmanagement.com