TORONTO, ONTARIO--(Marketwired - Dec. 16, 2016) - Stornoway Portfolio Management Inc. ("Stornoway") announced that it acquired, on behalf of the Stornoway Recovery Fund LP ("SRFLP") and the Ravensource Fund ("Ravensource" and together with SRFLP, the "Funds"), a total of 12,771,582 common shares ("Shares") of Firm Capital American Realty Partners Corp. ("FCARPC") (TSX VENTURE:FCA.U) pursuant to a rights offering of FCARPC completed December 15, 2016 (the "Rights Offering") and related standby commitment agreement at a price of US$0.16 (approximately C$0.214) per Share for aggregate consideration of US$2,043,453.12 (approximately C$2,727,397). Immediately prior to the Rights Offering, Ravensource owned an aggregate 4,362,500 Shares of FCARPC corresponding to a securityholding percentage of approximately 6.93%.
Immediately after this acquisition, on behalf of the Funds, Stornoway exercises, or is deemed to exercise, control or direction over an aggregate of 17,134,082 Shares representing approximately 13.61% of the issued and outstanding Shares of FCARPC and an increase in securityholding percentage of approximately 6.68%.
The Shares were acquired and are being held for investment purposes. Depending on market conditions, Stornoway may increase or decrease its ownership, control or direction of Shares through market transactions, private agreements or otherwise.
A report respecting the acquisition of the Shares by Stornoway will be electronically filed with applicable Canadian securities regulatory authorities and will be available for viewing at www.sedar.com. A copy of the report (once filed) may be obtained by contacting Scott Reid, President of Stornoway, whose contact details are set out below.
ABOUT THE STORNOWAY RECOVERY FUND LP
The Stornoway Recovery Fund LP is an Ontario limited partnership. SRFLP focuses on investing in and capturing value from the turnaround and recovery of financially distressed small and mid-cap Canadian corporations.
ABOUT RAVENSOURCE FUND
Ravensource Fund is a closed end investment fund listed on the TSX under the symbol RAV. The principal investment objective of Ravensource is to achieve absolute annual returns, with an emphasis on capital gains, through investments in selected North American securities. Ravensource invests primarily in high yield bonds, distressed debt and small capitalization equity securities. For further information on Ravensource, please visit its website at www.ravensource.ca.