Baffin Fisheries Coalition Announces the Purchase of the MV Sivulliq with Financing Provided by Bridging Finance Inc.

IQALUIT, Nunavut & TORONTO — Baffin Fisheries Coalition (“BFC”) is pleased to announce the purchase of the MV Sivulliq (formerly the Remoy) with financing provided by Bridging Finance Inc., as sub-advisor to the Sprott Bridging Income Fund LP (“Bridging Finance”). The MV Sivulliq is a 64 metre Arctic Shrimp Trawler built in Norway.

“Bridging Finance has become the leader in bridge financing for First Nations/Inuit, an area that plays an important role in our rapid growth as one of Canada’s premier private debt lenders.”

“We look forward to a long and successful fishing legacy that will allow us to make use of the profits to benefit our communities and stakeholders in Nunavut”, commented Vice-Chairman Methusalah Kunuk at the ceremony in St. John’s celebrating the vessel’s arrival.

We are very pleased and honoured to be part of such an important development for the Inuit-owned fisheries in Nunavut,” said David Sharpe, President & COO of Bridging Finance. “Bridging Finance has become the leader in bridge financing for First Nations/Inuit, an area that plays an important role in our rapid growth as one of Canada’s premier private debt lenders.”

Precipice Capital, McInnes Cooper, and Ocean Management & Trading acted as advisors to BFC in connection with the purchase.

About Baffin Fisheries Coalition

BFC is a 100% Inuit-owned organization that was formed in 2000 by Hunters and Trappers Organizations on Baffin Island, with headquarters in Iqaluit, Nunavut. Its initial emphasis was to develop the offshore turbot fishery in Nunavut and has evolved into the development of new inshore and offshore fisheries and scientific research regarding emerging fisheries. BFC and its shareholders have made significant investments into vessel ownership, and is a 100% owner of two large factory freezer fixed gear vessels, the MV Sikuvut and the MV Arluk II, and majority owner in a large factory freezer multi species trawler, the MV Inuksuk.

About Bridging Finance Inc.

Bridging Finance is a privately held Canadian company providing middle-market North American companies with alternatives to the financing options offered by traditional lenders. Lending proceeds are used by companies to address short-term needs such as restructuring existing debt, providing working capital for growth, supporting inventory purchases and financing expenditures and acquisitions/buyouts. Bridging Finance is the Sub-Advisor to the Sprott Bridging Income Fund LP. Bridging Finance also offers portfolio management services for institutional and family office clients.

Contacts

Baffin Fisheries Coalition:
David Taylor, CPA, CMA, MBA,
CFO,
T: 709-726-6328

or

Bridging Financing:
Graham Marr, CA, CPA, CFA,
T:  416-777-1794
C: 416-906-0395
Gmarr@bridgingfinance.ca