<SEC-DOCUMENT>0001062993-15-003923.txt : 20150717
<SEC-HEADER>0001062993-15-003923.hdr.sgml : 20150717
<ACCEPTANCE-DATETIME>20150717161818
ACCESSION NUMBER:		0001062993-15-003923
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150717
DATE AS OF CHANGE:		20150717
GROUP MEMBERS:		ALTAIRIS OFFSHORE LEVERED

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GSI GROUP INC
		CENTRAL INDEX KEY:			0001076930
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				980110412
		STATE OF INCORPORATION:			A3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-60011
		FILM NUMBER:		15993976

	BUSINESS ADDRESS:	
		STREET 1:		125 MIDDLESEX TURNPIKE
		STREET 2:		.
		CITY:			BEDFORD
		STATE:			MA
		ZIP:			01730
		BUSINESS PHONE:		781-266-5618

	MAIL ADDRESS:	
		STREET 1:		125 MIDDLESEX TURNPIKE
		STREET 2:		.
		CITY:			BEDFORD
		STATE:			MA
		ZIP:			01730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GSI LUMONICS INC
		DATE OF NAME CHANGE:	19990401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GSI LUMONICS
		DATE OF NAME CHANGE:	19990331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LUMONICS INC
		DATE OF NAME CHANGE:	19990115

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Polar Securities Inc.
		CENTRAL INDEX KEY:			0001326389
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		401 BAY STREET
		STREET 2:		SUITE 1900, P.O. BOX 19
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 2Y4
		BUSINESS PHONE:		416-367-4364

	MAIL ADDRESS:	
		STREET 1:		401 BAY STREET
		STREET 2:		SUITE 1900, P.O. BOX 19
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 2Y4
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>sched13g.htm
<DESCRIPTION>SCHEDULE 13G
<TEXT>
<HTML>
<HEAD>
   <TITLE>Polar Securities Inc.: Schedule 13G - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><B> </B><BR>Washington, D.C.
20549<B> </B></P>
<P align=center><B><FONT size=5>SCHEDULE 13G </FONT></B></P>
<P align=center>Under the Securities Exchange Act of 1934 </P>
<P align=center>(Amendment No.)* </P>
<P align=center><B><U><FONT size=5>GSI Group Inc.</FONT></U></B><B>
</B><BR>(Name of Issuer) </P>
<P align=center><B><U>Common stock, no par value</U> </B><BR>(Title of
Class of Securities) </P>
<P align=center><B><U>36191C205</U> </B><BR>(CUSIP Number) </P>
<P align=center><B><U>July 9, 2015</U> </B><BR>(Date of Event which
Requires Filing of this Statement) </P>
<P align=justify>Check the appropriate box to designate the rule pursuant to
which this Schedule is filed: </P>
<P style="MARGIN-LEFT: 5%" align=justify>[_] Rule 13d-1(b) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[x] Rule 13d-1(c) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[_] Rule 13d-1(d) </P>
<P align=justify>*The remainder of this cover page shall be filled out for a
reporting person&#146;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. </P>
<P align=justify>The information required in the remainder of this cover page
shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the
Securities Exchange Act of 1934 (&#147;Act&#148;) 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 <I>Notes</I>). </P>
<P align=center>Page <B>1 </B>of <B>8 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center>SCHEDULE 13G </P>
<P align=justify><U>CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>36191C205 </B></U></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>1 </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%"><B>Names of Reporting Persons </B></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="95%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polar
      Securities Inc. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>2 </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%"><B>Check the appropriate box if a member of a Group
      (see instructions) </B></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
      [&nbsp;&nbsp; ] </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="95%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
      [&nbsp;&nbsp; ] </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>3 </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%"><B>Sec Use Only </B></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="95%">&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>4 </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%"><B>Citizenship or Place of Organization </B></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left
      width="95%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada
    </TD></TR></TABLE></DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%"><B>5 </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%"><B>Sole Voting Power </B></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center>&nbsp;&nbsp;<B>Number of </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=center width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="80%">0</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Shares </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="5%"><B>6 </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="80%"><B>Shared Voting Power </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Beneficially</B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Owned by Each&nbsp; </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="80%">1,741,438 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Reporting Person </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="5%"><B>7 </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="80%"><B>Sole Dispositive Power </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>With: </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center>&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=center width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="80%">0&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="5%"><B>8 </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="80%"><B>Shared Dispositive Power </B></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">1,741,438 </TD></TR></TABLE></DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0 BCLLIST>

  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left width="5%"><B>9 </B><BR><BR><BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Aggregate Amount Beneficially Owned by Each Reporting
      Person</B><BR><BR>1,741,438<BR></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left width="5%"><B>10 </B><BR><BR><BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Check box if the aggregate amount in row (9) excludes
      certain shares (See Instructions)</B><BR><BR>[&nbsp;&nbsp; ]<BR></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left width="5%"><B>11 </B><BR><BR><BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Percent of class represented by amount in row
      (9)</B><BR><BR>5.06%<BR></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left width="5%"><B>12 </B><BR><BR><BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Type of Reporting Person (See
    Instructions)</B><BR><BR>IA<BR></TD></TR></TABLE></DIV>
<P align=center>Page <B>2 </B>of <B>8 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center>SCHEDULE 13G </P>
<P align=justify><U>CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>36191C205 </B></U></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>1 </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" ><B>Names of Reporting Persons
  </B></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="95%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altairis
      Offshore Levered </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>2 </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" ><B>Check the appropriate box if a
      member of a Group (see instructions) </B></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp; [&nbsp;&nbsp; ] </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="95%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp; [&nbsp;&nbsp; ] </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>3 </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" ><B>Sec Use Only </B></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" >&nbsp;</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>4 </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" ><B>Citizenship or Place of
      Organization </B></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="95%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman
      Islands </TD></TR></TABLE></DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%"><B>5 </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%"><B>Sole Voting Power </B></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center>&nbsp;&nbsp;<B>Number of </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="80%">0 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Shares </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="5%"><B>6 </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="80%"><B>Shared Voting Power </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Beneficially </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Owned by Each </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="80%">1,741,438 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Reporting Person </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="5%"><B>7 </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="80%"><B>Sole Dispositive Power </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>With: </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center>&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-bottom-style:solid; border-bottom-width:1"
    align=left width="80%">0 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="5%"><B>8 </B></TD>
    <TD style="BORDER-RIGHT: 1px solid #000000; BORDER-LEFT: 1px solid #000000; ; border-top-style:solid; border-top-width:1"
    align=left width="80%"><B>Shared Dispositive Power </B></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="80%">1,741,438 </TD></TR></TABLE></DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0 BCLLIST>

  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left width="5%"><B>9 </B><BR><BR><BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Aggregate Amount Beneficially Owned by Each Reporting
      Person</B><BR><BR>1,741,438<BR></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left width="5%"><B>10 </B><BR><BR><BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Check box if the aggregate amount in row (9) excludes
      certain shares (See Instructions)</B><BR><BR>[&nbsp;&nbsp; ]<BR></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left width="5%"><B>11 </B><BR><BR><BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Percent of class represented by amount in row
      (9)</B><BR><BR>5.06%<BR></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=top align=left width="5%"><B>12 </B><BR><BR><BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Type of Reporting Person (See
    Instructions)</B><BR><BR>CO<BR></TD></TR></TABLE></DIV>
<P align=center>Page <B>3 </B>of <B>8 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center>SCHEDULE 13G </P>
<P align=justify><U>CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>36191C205 </B></U></P>
<P align=justify><B>Item 1. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a) </B></TD>
    <TD>
      <P align=justify><B>Name of Issuer:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The name of the issuer is GSI Group Inc. (the
      &#147;Company&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b) </B></TD>
    <TD>
      <P align=justify><B>Address of Issuer&#146;s Principal Executive
      Offices:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s principal executive offices are located at
      125 Middlesex Turnpike, Bedford, Massachusetts,
USA.</P></TD></TR></TABLE>
<P align=justify><B>Item 2. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a) </B></TD>
    <TD>
      <P align=justify><B>Name of Person Filing:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This statement is filed by:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>(i) Altairis Offshore Levered
("Altairis"), a Cayman Islands exempted company, with respect to the Shares
(defined in item 2(d) below) reported in this Schedule 13G directly held by it;
and </P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii) Polar Securities Inc. ("Polar
Securities"), a company incorporated under the laws on Ontario, Canada, serving
as investment advisor to Altairis with respect to the Shares reported in this
Schedule 13G directly held by Altairis. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The foregoing persons are hereinafter sometimes
      collectively referred to as the "Reporting Persons."</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b) </B></TD>
    <TD>
      <P align=justify><B>Address of Principal Business Office or, if None,
      Residence:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The address of the business office of each of the
      Reporting Persons is 401 Bay Street, Suite 1900, PO Box 19, Toronto,
      Ontario M5H 2Y4, Canada.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(c) </B></TD>
    <TD>
      <P align=justify><B>Citizenship:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The citizenship of each of the Reporting Persons is set
      forth above.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(d) </B></TD>
    <TD>
      <P align=justify><B>Title and Class of Securities:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Common stock, no par value</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>CUSIP No.:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>36191C205</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>Item 3. </B></P></TD>
    <TD align=left width="90%" >
      <P align=justify><B>If this statement is filed pursuant to &#167;&#167; 240.13d-1(b)
      or 240.13d-2(b) or (c), check whether the </B><B>person filing is a:
      </B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD width="5%"  >[_] </TD>
    <TD >
      <P align=justify>Broker or dealer registered under Section 15 of the
      Act;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD width="5%"  >[_] </TD>
    <TD >
      <P align=justify>Bank as defined in Section 3(a)(6) of the
  Act;</P></TD></TR></TABLE>
<P align=center>Page <B>4 </B>of <B>8 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center>SCHEDULE 13G </P>
<P align=justify><U>CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>36191C205 </B></U></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>(c) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>Insurance company as defined in Section 3(a)(19) of the
      Act; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(d) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>Investment company registered under Section 8 of the
      Investment Company Act of 1940; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(e) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>An investment adviser in accordance with Rule
      13d-1(b)(1)(ii)(E); </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(f) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>An employee benefit plan or endowment fund in accordance
      with Rule 13d-1(b)(1)(ii)(F); </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(g) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>A parent holding company or control person in accordance
      with Rule 13d-1(b)(1)(ii)(G); </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="85%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(h) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>A savings associations as defined in Section 3(b) of the
      Federal Deposit Insurance Act (12 U.S.C. 1813); </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="85%"  >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(i) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>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; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="85%"  >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(j) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>A non-U.S. institution in accordance with Rule
      240.13d-1(b)(1)(ii)(J); </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="85%"  >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(k) </TD>
    <TD align=left width="5%" >[_] </TD>
    <TD align=left width="85%" >
      <P align=justify>Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="85%" >
      &nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left colspan="3">
      <P align=justify>If filing as a non-U.S. institution in accordance with
      Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution:_____</P> </TD>
    </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Item 4. </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Ownership </B></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>The percentages used herein are calculated based upon
      34,406,281 Shares reported to be outstanding as of April 29, 2015 as
      reported on Form 10-Q filed by the Company on May 7, 2015.
  </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">A. </TD>
    <TD colSpan=3>
      <P align=justify>Polar Securities</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Amount Beneficially Owned: 1,741,438</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Percent of Class: 5.06%</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>Number of shares as to which such person has:</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Sole power to vote or to direct the vote: 0</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Shared power to vote or to direct the vote:
    1,741,438</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Sole power to dispose or to direct the disposition of:
      0</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Shared power to dispose or to direct the disposition of:
      1,741,438</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">B. </TD>
    <TD colSpan=3>
      <P align=justify>Altairis</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Amount Beneficially Owned: 1,741,438</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Percent of Class: 5.06%</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>Number of shares as to which such person has:</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Sole power to vote or to direct the vote: 0</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Shared power to vote or to direct the vote:
    1,741,438</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Sole power to dispose or to direct the disposition of:
      0</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Shared power to dispose or to direct the disposition of:
      1,741,438</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Item 5. </B></TD>
    <TD align=left width="90%" ><B>Ownership of Five Percent or
      Less of a Class. </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>If this statement is being filed to report the fact that
      as of the date hereof the reporting person has ceased to be the beneficial
      owner of more than five percent of the class of securities, check the
      following [&nbsp;&nbsp; ]. </P></TD></TR></TABLE>
<P align=center>Page <B>5 </B>of <B>8 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=center>SCHEDULE 13G </P>
<P align=justify><U>CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>36191C205 </B></U></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Item </B><B>6. </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Ownership of more than Five Percent on Behalf of
      Another Person. </B></P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>Not Applicable </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Item </B><B>7. </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Identification and classification of the subsidiary
      which acquired the security being reported on </B><B>by the parent holding
      company or control person. </B></P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>Not Applicable </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Item </B><B>8. </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Identification and classification of members of the
      group. </B></P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>Not Applicable </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Item </B><B>9. </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Notice of Dissolution of Group. </B></P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>Not Applicable </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Item </B><B>10. </B></TD>
    <TD align=left width="90%" >
      <P align=justify><B>Certifications. </B></P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>Each of the Reporting Persons hereby makes the following
      certification: </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>By signing below each Reporting Person certifies that, to
      the best of his or its 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.
  </P></TD></TR></TABLE>
<P align=center>Page <B>6 </B>of <B>8 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=center>SCHEDULE 13G </P>
<P align=justify><U>CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>36191C205 </B></U></P>
<P align=center><B>SIGNATURE </B></P>
<P align=justify>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. </P>
<P align=justify>Dated: July 17, 2015 </P>
<P align=justify>POLAR SECURITIES INC. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap><I>/s/ Robyn
      Schultz </I></TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robyn Schultz </TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
      Compliance Officer </TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR></TABLE>
<P align=justify>ALTAIRIS OFFSHORE LEVERED <BR>By: Polar Securities Inc., its
investment manager <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap><I>/s/ Robyn
      Schultz </I></TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robyn Schultz </TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
      Compliance Officer </TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR></TABLE>
<P align=center>Page <B>7 </B>of <B>8 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=center>SCHEDULE 13G </P>
<P align=justify><U>CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>36191C205 </B></U></P>
<P align=center><B>EXHIBIT 1 </B></P>
<P align=center><B>JOINT FILING AGREEMENT </B><BR><B>PURSUANT TO RULE 13d-1(k)
</B><BR></P>
<P align=justify>The undersigned acknowledge and agree that the foregoing
statement on Schedule 13G is filed on behalf of each of the undersigned and that
all subsequent amendments to this statement on Schedule 13G shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint filing agreements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained herein and
therein, but shall not be responsible for the completeness and accuracy of the
information concerning the others, except to the extent that he or it knows or
has reason to believe that such information is inaccurate. </P>
<P align=justify>Dated July 17, 2015 </P>
<P align=justify>POLAR SECURITIES INC. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap><I>/s/ Robyn
      Schultz </I></TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robyn Schultz </TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
      Compliance Officer </TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR></TABLE>
<P align=justify>ALTAIRIS OFFSHORE LEVERED <BR>By: Polar Securities Inc., its
investment manager <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap><I>/s/ Robyn
      Schultz </I></TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Name:&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Robyn Schultz </TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
      Compliance Officer </TD>
    <TD align=left width="50%" nowrap >&nbsp;</TD></TR></TABLE>
<P align=center>Page <B>8 </B>of <B>8 </B></P>
<HR align=center width="100%" color=black noShade SIZE=5>

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