TORONTO, Nov. 14,
2023 /CNW/ - Stornoway Portfolio Management Inc.
("Stornoway"), the Investment Manager of Ravensource Fund
("Ravensource" or the "Fund") (TSX: RAV.UN) is pleased to announce
the successful completion of the previously announced private
placement, raising $554,750 through
the issuance of 35,000 units ("Units") of the Fund at a price of
$15.85 per Unit.
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.
Through the Offering, 1000607082 Ontario Limited ("100607082"),
a corporation which is beneficially owned and controlled by Mr.
Theodore King, acquired 35,000
Units. Prior to the Offering, 1000607082 owned 95,000 Units and Mr.
King owned 122,166 Units. Together, Mr. King owned, directly and
indirectly, an aggregate of 217,166 Units, representing
approximately 17.22% of the issued and outstanding units of the
Fund. As a result of the Offering, 1000607082 owns 130,000 Units
and Mr. King continues to own 122,166 Units. Together, Mr. King
owns, directly and indirectly, an aggregate of 252,166 Units,
representing approximately 19.46% of the 1,296,075 Units issued and
outstanding after giving effect to the Offering.
The Units were acquired by Mr. King, through 1000607082 for
investment purposes. Mr. King has a long-term view of the
investment and may in the future participate in financings and/or
acquire or dispose of securities of the Fund in the market,
privately or otherwise, as circumstances or market conditions
warrant. A copy of 1000607082's early warning report will appear on
the Fund's profile on SEDAR+ and may also be obtained by calling
(415) 992-7697 (theo.king@hey.com).
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