Global SeaFarms Corporation Announces Private Placement
Montreal, Quebec--(Newsfile Corp. - June 11, 2013) - Global SeaFarms Corporation (CNSX: GSF) ("GSF" or the "Company") announced today that it intends to carry out a private placement of Class A common shares for up to $3,000,000, subject to its right to increase the offering at its sole discretion. It is intended that each Class A share offered will be priced at $0.09 each. Concurrent to this equity financing, the Company may also convert certain liabilities to Class A shares on the same basis as the proposed private placement. The private placement will be conducted on both a non-brokered basis and with an exempt market dealer. The net proceeds of the proposed private placement will be used by the Company to fund the expansion and growth of its aquaculture operations in the Dominican Republic.
Completion of the proposed private placement is subject to customary closing conditions for transactions of this nature, including the approval of the CNSX. The closing thereof is expected to take place into the next quarter, and may occur in multiple tranches.
This news release shall not constitute an offer to sell, nor the solicitation of an offer to buy, nor shall there be any securities of GSF offered in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Class A shares will be offered on a private placement basis and only to "accredited investors", as such term is defined under applicable Canadian securities laws.
THE SECURITIES WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
About Global SeaFarms
GSF is a fully integrated fish farming operation with a commercial hatchery, farm and processing facility in the Dominican Republic. 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 reviewed this press release nor have they approved nor disapproved the contents of this news release.
Forward Looking Statements
Certain statements included in this News Release contain forward-looking statements, including disclosure concerning possible or assumed future results of operations of the Company. Forward-looking statements typically are preceded by, followed by or include the words - "believes", " expects", "anticipates", "estimates", "intends", "plans", or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions, and the Company's results could differ materially from those anticipated in these forward-looking statements. Neither CNSX nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of the release.
For further information, please contact:
|Robert Boisjoli||Cameron McDonald|
|Global SeaFarms Corporation||Global SeaFarms Corporation|
|Tel: 514-821-9857||Tel: 514-825-0007|
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.