Hires Kingsdale Shareholder Services Inc. as Proxy Advisor in Connection
with Gale Force's November 21st AGM
Iroquois and Joint Actors Now Own 13.5% of Outstanding Common Shares
NEW YORK, Oct. 7, 2013 /CNW/ - Iroquois Capital Opportunity Fund L.P.
("ICO") announced today that it has converted 3,686,364 preferred
shares of Gale Force Petroleum Inc. ("Gale Force") (TSXV:GFP) into
3,686,364 common shares of Gale Force ("Common Shares") in accordance
with the terms of the preferred shares. Based on information provided
by the TSX Venture Exchange, the Common Shares issued on conversion of
the preferred shares represent approximately 5.5% of the issued and
outstanding Common Shares prior to giving effect to the conversion.
After giving effect to the above noted conversion, ICO, Iroquois Master
Fund Ltd. ("IMF") and their respective affiliates (collectively,
"Iroquois") have aggregate ownership of 8,638,864 Common Shares,
representing approximately 11.8% of the issued and outstanding Common
Shares. Together with joint actors, Iroquois currently owns or controls
9,577,500 Common Shares, representing approximately 13.5% of the issued
and outstanding Common Shares.
ICO converted its preferred shares into Common Shares for investment
purposes and Iroquois may, from time to time, acquire additional
securities of Gale Force, dispose of some or all of the existing or
additional securities it holds or will hold, or may continue to hold
its current position.
Subject to applicable law, Iroquois may from time to time have
discussions with other shareholders of Gale Force and its board of
directors and management regarding Gale Force, its prospects and
potential means of enhancing shareholder value, including without
limitation, with respect to potential changes in the business, strategy
or composition of the board and management of Gale Force. Iroquois may
also from time to time initiate or participate in such other actions as
it considers necessary to seek to enhance shareholder value at Gale
Force, including without limitation, actions intended to cause changes
to the business, strategy or composition of the board and management of
On June 28, 2013, Iroquois requisitioned a special meeting of the
shareholders of Gale Force for the purpose of reconstituting the board
of directors of Gale Force. Iroquois requisitioned the special meeting
because of its significant concerns regarding the governance and
performance of Gale Force under its current board and management.
Rather than complying with the requisition, Gale Force chose to
schedule its 2013 annual general meeting for November 21, 2013.
Iroquois continues to believe that reconstituting the Gale Force board
of directors would be in the best interests of Gale Force and its
shareholders and intends to nominate an alternate slate of highly
qualified directors for election at the annual general meeting.
Iroquois has retained Kingsdale Shareholder Services Inc. as its proxy
advisor in connection with the AGM.
About Iroquois Capital Opportunity Fund L.P.
Iroquois Capital Opportunity Fund L.P. is a private equity fund focused
on direct ownership of oil and gas assets, typically through joint
venture opportunities with public and private E&P companies developing
onshore oil and gas assets in North America.
About Iroquois Master Fund Ltd.:
Iroquois Master Fund Ltd. is a privately pooled investment vehicle that
is managed by Iroquois Capital Management, LLC. Iroquois Capital
Management, LLC is headquartered in New York, New York.
SOURCE: Iroquois Capital Opportunity Fund LP
For further information:
Phone: (212) 974-3070