Update to Shares of Firm Capital American Realty Partners Corp. (TSXV: FCA.U) Acquired by Stornoway Portfolio Management Inc.


TORONTO, Nov. 14, 2018 (GLOBE NEWSWIRE) -- 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 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.

For further information:
Scott Reid
Stornoway Portfolio Management Inc.
Tel:                 (416) 250 2845
e-mail:            sreid@stornowayportfolio.com