U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 3
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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Pangaea Fund Limited
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(Last) (First) (Middle)
c/o MeesPierson Fund Services (Bahamas) Limited
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(Street)
Windermere House
404 East Bay Street
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(City) (State) (Zip)
Nassau, Bahmas
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2. Date of Event Requiring Statement (Month/Day/Year)
9/3/97
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name AND Ticker or Trading Symbol
Globalink, Inc. (GNK)
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5. Relationship of Reporting Person(s) to Issuer:
(Check all applicable)
Director X 10% Owner
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Officer (give Other (Specify
----- title below) ------ below)
Chairman of the Board, Chief Executive Officer and President
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
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X Form filed by More than One Reporting Person
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Table 1 -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership
(Instr. 5) (Instr. 4)
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<S> <C> <C> <C>
Common Stock 2,304,805 (Note 1) D
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction
5(b)(v).
<PAGE>
FORM 3 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Beneficially Owned (e.g.,
puts, calls, warrants, options, convertible securities)
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1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of
Security cisable and Underlying Derivative Security or Exercise Form of Indirect
(Instr. 4) Expiration (Instr. 4) Price of Derivative Beneficial
Date Derivative Security: Ownership
(Month/Day/ Security Direct (D) (Instr. 5)
Year) or
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Date Expira- Amount (Instr. 5)
Exer- tion or
cisable Date Title Number
of
Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
Warrants 10/3/96 10/3/00 Common Stock 33,613 5.25 D
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Warrants 3/27/97 3/27/01 Common Stock 85,586 4.30 D
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</TABLE>
Explanation of Responses:
See additional pages attached
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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**Signature of Reporting Person Date
</page>
<PAGE>
Information Concerning Other Reporting Persons
1. Pangaea Asset Management, Inc. ("PAMI") (Note 2)
250 Kitchawan Road
South Salem, New York 10590
2. Lucas Tanner ("Mr. Tanner") (Note 2)
300 Park Avenue
17th Floor
New York, New York 10022
Notes
(1) Such shares were acquired by Pangaea Fund Limited (the "Fund")
on September 3, 1997 in a single transaction in exchange for 2,302
outstanding shares of the Issuer's Series A-3 Convertible Preferred
Stock. This single transaction caused the Fund to beneficially own
in excess of 10% of the Issuer's outstanding Common Stock.
Accordingly, this Form 3 is being filed. However, all such shares
have been sold by the Fund so that, as of the date of this Form 3,
the Fund's beneficial ownership (as defined in Rule 16a-1(a)(1)) of
the outstanding Common Stock of the Issuer is less than 10%.
(2) PAMI and Mr. Tanner may be deemed to indirectly beneficially
own the equity securities owned by the Fund. PAMI is the investment
advisor to the Fund and has a limited pecuniary interest in the
securities in which the Fund invests. Mr. Tanner is the sole
stockholder, director and executive officer of PAMI and, in such
capacity, has an indirect pecuniary interest in the Fund's
securities. Except as described above, neither PAMI nor Mr. Tanner
beneficially own any equity securities of the Issuer. By reason of
the Fund's sale of shares reported in Note (1), as of the date of
this Form 3, PAMI and Mr. Tanner beneficially own less than 10% of
the Issuer's outstanding Common Stock.
Form 3 Signature Page
Designated Filer: Pangaea Fund Limited
Date of Event Requiring Statement: 09/03/97
Issuer Name and Trading Symbol: Globalink, Inc. (GNK)
Date: September 15, 1997 PANGAEA FUND LIMITED
By: /s/ Cedric L. Carroll
Name: Cedric L. Carroll
Title: Vice-President
By: /s/ Rhonda McDeigan-Eldridge
Name: Rhonda McDeigan-Eldridge
Title: President
PANGAEA ASSET
MANAGEMENT, INC.
By: /s/ Lucas Tanner
Lucas Tanner
President
/s/ Lucas Tanner
Lucas Tanner
