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 Gale Force.
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
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