TORONTO, May 24, 2023 /CNW/ – Wexford Capital LP (“Wexford“) announced today that Wexford Spectrum Trading Limited (“WST“) and Wexford Catalyst Trading Limited (“WCT” and, together with WST, the “Wexford Funds“), two private investment funds managed by Wexford, have acquired an aggregate of US$4.0 million principal amount of unsecured convertible debentures (the “Convertible Debentures“) of Sailfish Royalty Corp. (“Sailfish“) pursuant to a non-brokered private placement (the “Private Placement“).
The Convertible Debentures bear interest at 10% per annum from the date of issuance, payable semi-annually in arrears. The Convertible Debentures mature on the date that is 60-months from the date of issuance. The Convertible Debentures are convertible, at the option of the holder, into common shares of Sailfish (each a “Share“) at a conversion price of C$1.35 per Share, subject to adjustment, for an aggregate of 4,033,185 Shares (based on a CAD:USD exchange rate of 1.3612:1).
Prior to the Private Placement, the Wexford Funds beneficially owned an aggregate of 43,927,162 Shares, representing approximately 61.63% of the issued and outstanding Shares. Following closing of the Private Placement, and assuming conversion in full of the Convertible Debentures held by the Wexford Funds, the Wexford Funds would beneficially own an aggregate of 47,960,347 Shares, which would represent approximately 63.69% of the issued and outstanding Shares on a partially-diluted basis, which would represent an increase in the Wexford Funds’ securityholding percentage of approximately 2.06%.
The Convertible Debentures are being acquired for investment purposes. The Wexford Funds may from time to time acquire additional securities, dispose of some or all of the existing or additional securities, or may continue to hold the securities of Sailfish.
The head office of Sailfish is located at Sea Meadow House, P.O. Box 116 Road Town, Tortola, British Virgin Islands, VG1110. The address of WCT and WST is c/o Maples Group, Ugland House, South Church Street, P.O. Box 309, George Town, Grand Cayman, Cayman Islands.
Wexford is an SEC registered investment advisor based in West Palm Beach, Florida and Greenwich, Connecticut, with approximately US$1.4 billion of assets under management. Wexford has particular expertise in the energy/natural resources sector with actively managed investments in mining, oil and gas exploration and production, energy services, coal and related sectors.
For further information about Wexford or to obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the matters referred to in this news release, please contact:
Wexford Capital LP
777 South Flagler Drive
West Palm Beach, FL 33401
Telephone: (203) 862-7000
Contact: Arthur Amron
Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Wexford Capital LP