MONTRÉAL, Dec. 17, 2015 /CNW/ - Lloyd I. Miller, III, the managing member of the general partner to Milfam II L.P. ("M2"), acquired on December 16, 2015, ownership of 254,100 common shares (the "Common Shares") of Genesis Land Development Corp. ("Genesis") (TSX-GDC) through M2. The Common Shares were acquired through the facilities of the Toronto Stock Exchange at an average price of US$1.95 per common share or CDN$2.70 per common share (based on the Noon Bank of Canada exchange rate), such common shares representing approximately 0.57% of the currently issued and outstanding common shares of Genesis.
As a result of the acquisition of the Common Shares, Mr. Miller, through M2 and a number of trusts, and limited liability companies, owns or has control or direction over an aggregate of 6,320,000 common shares of Genesis, representing approximately 14.17% of the issued and outstanding common shares.
The Common Shares were acquired for investment purposes only. Depending on the evolution of Genesis's business, financial condition, the market for Genesis securities, general economic conditions and other factors, Mr. Miller and his joint actors may acquire additional securities of Genesis, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.
For inquiries or a copy of the related early warning report required under Canadian provincial securities legislation, a copy of which has also been filed on www.sedar.com, please contact:
SOURCE LLOYD I. MILLER, III
For further information: Lloyd I. Miller, III, 3300 South Dixie Highway, Suite 1-365, West Palm Beach, Florida, USA 33405, Telephone: (561) 287-5399; Eric Fangmann, 3300 South Dixie Highway, Suite 1-365, West Palm Beach, Florida, USA 33405, Telephone: (561) 287-5399