TORONTO, Aug. 22,
2023 /CNW/ - Stornoway Portfolio Management Inc.
("Stornoway"), the Investment Manager of Ravensource Fund
("Ravensource" or the "Fund") (TSX: RAV.UN) is pleased to announce
today that it proposes to raise up to $3,899,070 through a non-brokered private
placement of up to 240,832 units ("Units") of the Fund at a price
of $16.19 per Unit (the "Offering")
which it expects to close mid-to-late September, 2023. The
subscription price reflects the Fund's Net Asset Value per unit of
$16.1837 as of August 10, 2023.
"This proposed private placement represents the first time
Ravensource has raised capital since 2011, providing investors an
opportunity to increase their Ravensource investment beyond what is
typically available in the open market. As the Fund is currently
fully invested, this proposed capital raise will enable Ravensource
to capitalize on the increasing opportunities in its core
distressed and special situations strategies and drive value to the
benefit of all Ravensource unitholders," said Scott Reid, President and CIO of Stornoway.
Units issued pursuant to the Offering will be subject to a
four-month hold period from the date of closing of the Offering.
The proceeds from the Offering will be used by the Fund to purchase
additional investments, both in new and existing Fund
positions.
The Offering is subject to certain condition including, but not
limited to, the receipt of all necessary regulatory and other
approvals, including the approval of the Toronto Stock
Exchange.
About Ravensource Fund
Ravensource Fund is a closed-end trust eligible for registered
accounts including RRSPs, RESPs, TFSAs and RRIFs. Ravensource's
objective is to seeks to achieve absolute, long-term returns by
investing in out-of-favour and deep-value North American
securities. The Fund has three investment strategies: distressed
securities, alternative credit and special situations equities.
Additional information relating to Ravensource Fund is available
on its website at www.ravensource.ca.
Cautionary Statements
This press release contains forward-looking statements which
reflect the Fund's current expectations regarding future events.
The forward-looking statements involve risks and uncertainties.
Actual results could differ materially from those projected herein.
Ravensource disclaims any obligation to update these
forward-looking statements other than as required by applicable
securities laws.
For more information, please contact:
Stornoway Portfolio Management Inc.
30 St. Clair Avenue West, Suite 901
Toronto, Ontario M4V 3A1
Attention: Scott Reid
Telephone: (416) 250-2845
Email: sreid@stornowayportfolio.com
SOURCE Ravensource Fund
