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, Bahamas
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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)
9/15/97
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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>
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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>
<PAGE>
FORM 3 (continued)
<TABLE>
<CAPTION>
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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:
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
See additional pages attached
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, See Instruction 6 for procedure.
(Signature page attached)
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**Signature of Reporting Person Date
</PAGE>
<PAGE>
FORM 3 (continued)
Form 3--Amendment No. 1
Designated Filer: Pangaea Fund Limited
Date of Event Requiring Statement: 9/3/97
Issuer Name and Trading Symbol: Globalink, Inc. (GNK)
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 held by the
Fund. This single transaction caused the Fund to beneficially own in excess
of 10% of the Issuer's outstanding Common Stock. Accordingly, this Form 3
was filed. However, all such shares were sold by the Fund prior to September
15, 1997 so that, when this Form 3 was first filed on September 15, 1997
and thereafter, the Fund's beneficial ownership (as defined in Rule
16a-1(a)(1)) of the outstanding Common Stock of the Issuer was and continues
to be 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, may be deemed to have an indirect
pecuniary interest in securities owned by the Fund. Mr. Tanner is also
the President and sole stockholder of Tanner Unman Securities, Incorporated,
a New York corporation, which beneficially owns the following warrants
(the "TUS Warrants") to purchase shares of Common Stock of the Issuer:
(a) warrants to purchase 20,000 shares exercisable for $5.25 per share,
exercisable on 10/3/96 and expiring on 10/3/2000; and (b) warrants to
purchase 25,020 shares for $3.44 per share, exercisable on 3/27/97 and
expiring on 3/27/2001. Mr. Tanner may be deemed indirectly to own
beneficially the TUS Warrants. Except as described above with respect to
Mr. Tanner's ownership of the TUS Warrants, 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), when this Form 3 was first
filed on September 15, 1997 and thereafter, PAMI and Mr. Tanner no longer
may be deemed to indirectly beneficially own any equity securities of the
Issuer owned by the Fund and no longer may be deemed to own beneficially
(as defined in Rule 16a-1(a)(1)) 10% of the Issuer's outstanding Common Stock.
</PAGE>
<PAGE>
FORM 3 (continued)
Form 3--Amendment No. 1
Designated Filer: Pangaea Fund Limited
Date of Event Requiring Statement: 9/3/97
Issuer Name and Trading Symbol: Globalink, Inc. (GNK)
Signature Page
Date: October 9, 1997
PANGAEA FUND LIMITED
By: /s/ Cedric L. Carroll
Cedric L. Carroll
Vice-President
By: /s/ Rhonda McDeigan-Eldridge
Rhonda McDeigan-Eldridge
President
PANGAEA ASSET MANAGEMENT, INC.
By: /s/ Lucas Tanner
Lucas Tanner
President
/s/ Lucas Tanner
Lucas Tanner
