Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>
- Peter Lynch
What is insider trading>>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
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Pangaea Logistics Solutions, Ltd.
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(Name of Issuer)
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Common Shares, $0.0001 par value per share
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(Title of Class of Securities)
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G6891L105
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(CUSIP Number)
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April 26, 2021
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(Date of Event Which Requires Filing of this Statement)
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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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☒ | Rule 13d-1(b) |
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☒ | Rule 13d-1(c) |
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☐ |
Rule 13d-1(d)
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* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the
liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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CUSIP No. G6891L105
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13G
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1
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NAME OF REPORTING PERSONS
VR Global Partners, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) ☐
(b) ☐ |
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5
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SOLE VOTING POWER
3,191,828 ** (1)
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6
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SHARED VOTING POWER
0
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7
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SOLE DISPOSITIVE POWER
3,191,828 ** (1)
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8
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SHARED DISPOSITIVE POWER
0
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,191,828 ** (1)
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0%** (1)
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12
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TYPE OF REPORTING PERSON*
PN
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*
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SEE INSTRUCTIONS BEFORE FILLING OUT
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**
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SEE ITEM 4(b).
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(1)
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Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.
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CUSIP No. G6891L105
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13G
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1
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NAME OF REPORTING PERSONS
VR Advisory Services Ltd
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) ☐
(b) ☐ |
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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|||
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5
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SOLE VOTING POWER
3,191,828** (1)
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6
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SHARED VOTING POWER
0
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|||
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7
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SOLE DISPOSITIVE POWER
3,191,828** (1)
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|||
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8
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SHARED DISPOSITIVE POWER
0
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,191,828 ** (1)
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|||
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0% ** (1)
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12
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TYPE OF REPORTING PERSON*
CO, IA
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*
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SEE INSTRUCTIONS BEFORE FILLING OUT
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**
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SEE ITEM 4(b).
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(1)
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Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.
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CUSIP No. G6891L105
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13G
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1
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NAME OF REPORTING PERSONS
VR Capital Participation Ltd.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) ☐
(b) ☐ |
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3
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SEC USE ONLY
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|||
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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|||
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5
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SOLE VOTING POWER
3,191,828 ** (1)
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||
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6
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SHARED VOTING POWER
0
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|||
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7
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SOLE DISPOSITIVE POWER
3,191,828 ** (1)
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|||
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8
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SHARED DISPOSITIVE POWER
0
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|||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,191,828** (1)
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|||
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0% ** (1)
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|||
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12
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TYPE OF REPORTING PERSON*
CO, HC
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*
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SEE INSTRUCTIONS BEFORE FILLING OUT
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**
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SEE ITEM 4(b).
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(1)
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Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.
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CUSIP No. G6891L105
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13G
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1
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NAME OF REPORTING PERSONS
VR Capital Group Ltd.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) ☐
(b) ☐ |
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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|||
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5
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SOLE VOTING POWER
3,191,828** (1)
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6
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SHARED VOTING POWER
0
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|||
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7
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SOLE DISPOSITIVE POWER
3,191,828** (1)
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|||
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8
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SHARED DISPOSITIVE POWER
0
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|||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,191,828 ** (1)
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|||
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0% ** (1)
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|||
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12
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TYPE OF REPORTING PERSON*
CO, HC
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|||
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*
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SEE INSTRUCTIONS BEFORE FILLING OUT
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**
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SEE ITEM 4(b).
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(1)
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Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.
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CUSIP No. G6891L105
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13G
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1
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NAME OF REPORTING PERSONS
VR Capital Holdings Ltd.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) ☐
(b) ☐ |
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3
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SEC USE ONLY
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|||
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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|||
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5
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SOLE VOTING POWER
3,191,828** (1)
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6
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SHARED VOTING POWER
0
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|||
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7
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SOLE DISPOSITIVE POWER
3,191,828** (1)
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8
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SHARED DISPOSITIVE POWER
0
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|||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,191,828 ** (1)
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|||
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0% ** (1)
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|||
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12
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TYPE OF REPORTING PERSON*
CO, HC
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|||
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*
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SEE INSTRUCTIONS BEFORE FILLING OUT
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**
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SEE ITEM 4(b).
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(1)
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Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.
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CUSIP No. G6891L105
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13G
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1
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NAME OF REPORTING PERSONS
Richard Deitz
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) ☐
(b) ☐ |
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3
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SEC USE ONLY
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|||
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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|||
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5
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SOLE VOTING POWER
3,191,828 ** (1)
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||
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6
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SHARED VOTING POWER
0
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|||
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7
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SOLE DISPOSITIVE POWER
3,191,828 ** (1)
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|||
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8
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SHARED DISPOSITIVE POWER
0
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|||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,191,828** (1)
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|||
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|
☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0% ** (1)
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|||
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12
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TYPE OF REPORTING PERSON*
IN, HC
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*
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SEE INSTRUCTIONS BEFORE FILLING OUT
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**
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SEE ITEM 4(b).
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(1)
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Reflects current beneficial ownership of the Reporting Person. See additional information regarding beneficial ownership contained in Item 4.
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SCHEDULE 13G
This Schedule 13G (this “Schedule 13G”) relates to Common Shares, $0.0001 par value (“Common Stock”), of Pangaea Logistics Solutions, Ltd., a Bermuda exempted company (the “Issuer”),
and is being filed on behalf of (i) VR Global Partners, L.P. (the “Fund”), a Cayman Islands exempted limited partnership, (ii) VR Advisory Services Ltd (“VR”), a Cayman Island exempted company, as the general partner of the Fund, (iii) VR Capital
Participation Ltd. (“VRCP”), a Cayman Islands exempted company, as the sole shareholder of VR, (iv) VR Capital Group Ltd. (“VRCG”), a Cayman Islands exempted company, as the sole shareholder of VRCP, (v) VR Capital Holdings Ltd. (“VRCH”), a Cayman
Islands exempted company, as the sole shareholder of VRCG and (vi) Richard Deitz, the principal of VR, VRCP, VRCG, VRCH (collectively with the Fund, VR, VRCP, VRCG and VRCH, the “Reporting Persons”). All shares of Common Stock are held by the Fund.
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Item 1(a)
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Name of Issuer.
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Pangaea Logistics Solutions, Ltd. (the “Issuer”)
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Item 1(b)
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Address of Issuer’s Principal Executive Offices.
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c/o Phoenix Bulk Carriers (US) LLC
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109 Long Wharf
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Newport, RI 02840
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Item 2(a)
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Name of Person Filing.
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The Statement is filed on behalf of each of the following persons (collectively, the “Reporting Persons”):
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(i)
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VR Global Partners, L.P. (the “Fund”);
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(ii)
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VR Advisory Services Ltd (“VR”);
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(iii)
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VR Capital Participation Ltd. (“VRCP”);
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(iv)
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VR Capital Group Ltd. (“VRCG”);
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(v)
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VR Capital Holdings Ltd. (“VRCH”); and
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(vi)
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Richard Deitz.
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Item 2(b)
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Address of Principal Business Office, or, if none, Residence.
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For the Fund, VRCP, VRCG and VRCH: c/o Intertrust (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands
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For VR: 300 Park Avenue, Suite 1602, New York, New York, 10022, USA.
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For Mr. Deitz: Niddry Lodge, 51 Holland Street, First Floor, London W8 7JB, United Kingdom
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Item 2(c)
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Citizenship or Place of Organization.
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(i)
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The Fund is a Cayman Islands exempted limited partnership;
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(ii)
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VR is a Cayman Islands exempted company;
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(iii)
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VRCP is a Cayman Islands exempted company;
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(iv)
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VRCG is a Cayman Islands exempted company;
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(v)
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VRCH is a Cayman Islands exempted company; and
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(vi)
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Mr. Deitz is a United States citizen.
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Item 2(d)
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Title of Class of Securities.
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Common Shares, $0.0001 par value (the “Common Stock”).
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Item 2(e)
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CUSIP Number.
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G6891L105
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Item 3
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If this statement is filed pursuant to §§240.13d‑1(b) or 240.13d‑2(b) or (c), check whether the person filing is a:
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Covering VR, VRCP, VRCG, VRCH and Mr. Deitz:
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(a)
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[ ]
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Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
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(b)
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[ ]
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Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
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(c)
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[ ]
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Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
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(d)
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[ ]
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Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
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(e)
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[X]
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An investment advisor in accordance with §240.13d-1(b)(1)(ii)(E).
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(f)
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[ ]
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An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).
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(g)
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[X]
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A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).
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(h)
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[ ]
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A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
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(i)
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[ ]
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A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).
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(j)
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[ ]
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Group, in accordance with §240.13d-1(b)(1)(ii)(J).
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Item 4
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Ownership.
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Items 5 through 9 and 11 of each of the cover pages to this Schedule 13G are incorporated herein by reference.
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As of the date hereof, each of the Fund, VR, VRCP, VRCG, VRCH and Mr. Deitz may be deemed to beneficially own 3,191,828 shares of the Common Stock of the Issuer, representing approximately 7.0% of
the shares of Common Stock outstanding.
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The above percentages are based on 45,618,206 shares of Common Stock of the Issuer outstanding as of March 15, 2021, as described in the Issuer’s annual report on Form 10-K filed with the Securities
and Exchange Commission on March 15, 2021.
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3,191,828 shares of Common Stock of the Issuer reported as beneficially owned herein are directly held by the Fund. VR, as the general partner and investment adviser of the Fund, may be deemed to
exercise voting and investment power over the 3,191,828 shares of Common Stock held by the Fund and thus may be deemed to beneficially own such shares of Common Stock. VRCP, as the sole shareholder of VR, also may be deemed to beneficially
own the 3,191,828 shares of Common Stock held by the Fund. VRCG, as the sole shareholder of VRCP, also may be deemed to beneficially own the 3,191,828 shares of Common Stock held by the Fund. VRCH, as the sole shareholder of VRCG, also may
be deemed to beneficially own the 3,191,828 shares of Common Stock held by the Fund. Mr. Deitz, as the principal of VR, VRCP, VRCG and VRCH, also may be deemed to beneficially own the 3,191,828 shares of Common Stock held by the Fund.
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Item 5
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Ownership of Five Percent or Less of a Class.
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Inapplicable.
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Item 6
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Ownership of More Than Five Percent on Behalf of Another Person.
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Inapplicable.
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Item 7
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Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.
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Inapplicable.
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Item 8
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Identification and Classification of Members of the Group.
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Inapplicable.
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Item 9
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Notice of Dissolution of Group.
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Inapplicable.
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Item 10
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Certification.
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For VR, VRCP, VRCG, VRCH and Mr. Deitz:
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By signing below each of the Reporting Persons certifies that, to the best of such person’s knowledge and belief, the securities referred to above were acquired and held in the ordinary course of
business and were not acquired and were not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
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For the Fund:
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By signing below the Reporting Person certifies that, to the best of such person’s knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
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||
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: May 6, 2021
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VR Global Partners, L.P.
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By:
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VR Advisory Services Ltd, its general partner
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By:
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/s/ Emile du Toit
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Name:
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Emile du Toit
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Title:
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Authorized Person
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VR Advisory Services Ltd.
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By:
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/s/ Emile du Toit
|
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Name:
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Emile du Toit
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Title:
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Authorized Person
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VR Capital Participation Ltd.
|
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By:
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/s/ Emile du Toit
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Name:
|
Emile du Toit
|
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Title:
|
Authorized Person
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VR Capital Group Ltd.
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By:
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/s/ Emile du Toit
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Name:
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Emile du Toit
|
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Title:
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Authorized Person
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VR Capital Holdings Ltd.
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By:
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/s/ Emile du Toit
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Name:
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Emile du Toit
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Title:
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Authorized Person
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/s/ Richard Deitz
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Richard Deitz
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EXHIBIT 99.1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on
Schedule 13G (including any and all amendments thereto) with respect to Common Shares, $0.0001 par value per share, of Pangaea Logistics Solutions, Ltd, a Bermuda exempted company, and further agree that this Joint Filing Agreement shall be
included as an Exhibit to such joint filings.
The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and
completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to
believe that such information is inaccurate.
This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of May 6, 2021.
|
VR Global Partners, L.P.
|
|
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By:
|
VR Advisory Services Ltd, its general partner
|
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|
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By:
|
/s/ Emile du Toit
|
|
Name:
|
Emile du Toit
|
|
Title:
|
Authorized Person
|
|
|
|
|
VR Advisory Services Ltd.
|
|
|
By:
|
/s/ Emile du Toit
|
|
Name:
|
Emile du Toit
|
|
Title:
|
Authorized Person
|
|
|
|
|
VR Capital Participation Ltd.
|
|
|
By:
|
/s/ Emile du Toit
|
|
Name:
|
Emile du Toit
|
|
Title:
|
Authorized Person
|
|
|
|
|
VR Capital Group Ltd.
|
|
|
By:
|
/s/ Emile du Toit
|
|
Name:
|
Emile du Toit
|
|
Title:
|
Authorized Person
|
|
|
|
|
VR Capital Holdings Ltd.
|
|
|
By:
|
/s/ Emile du Toit
|
|
Name:
|
Emile du Toit
|
|
Title:
|
Authorized Person
|
|
|
|
|
|
/s/ Richard Deitz
|
|
|
Richard Deitz
|