Update to Shares of Firm Capital American Realty Partners Corp. (TSXV: FCA.U) Acquired by Stornoway Portfolio Management Inc....
November 14 2018 - 3:22PM
Stornoway Portfolio Management Inc. (“Stornoway”)
would like to update its announcement on November 13, 2018 to
announce that it acquired, on behalf of the Stornoway Recovery Fund
LP (“SRFLP”), a total of 50,000 Units (“Units”), each unit
consisting of one common share (each a “Share”) and one warrant
(each a “Warrant”) of Firm Capital American Realty Partners Corp.
(“FCARPC”) (TSXV:FCA.U) by way of a private placement completed on
November 9, 2018 at a price of US$8.10 (approximately
C$10.70) per Unit for aggregate consideration of US$405,000.00
(approximately C$535,000.00). Each Warrant is exercisable for
one Common Share at an exercise price of US$9.50 for a period of 24
months.
Immediately prior to the transaction, SRFLP and
the Ravensource Fund (“Ravensource” and together with SRFLP, the
“Funds”) owned an aggregate 623,592 Shares of FCARPC corresponding
to a securityholding percentage of approximately 10.18%.
Immediately after this transaction, on behalf of
the Funds, Stornoway exercises, or is deemed to exercise, control
or direction over an aggregate of 723,592 Shares and Warrants
representing approximately 10.36% of the issued and outstanding
Shares of FCARPC on a partially diluted basis reflecting an
increase in securityholding percentage of approximately 0.18%.
The Units 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 or Warrants through market transactions,
private agreements or otherwise.
A report respecting the acquisition of the Units
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 LPThe
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 FUNDRavensource 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.
For further information:Scott Reid Stornoway
Portfolio Management Inc.Tel:
(416) 250 2845e-mail:
sreid@stornowayportfolio.com
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