Stingray Acquires Shares of Newfoundland Capital Corporation

MONTRÉAL, Oct. 26, 2018 /CNW Telbec/ - Stingray Digital Group Inc. ("Stingray") (TSX: RAY.A) (TSX: RAY.B) announced that it had acquired, along with its wholly-owned subsidiary, 10643432 Canada Inc., direct and indirect ownership and control over 21,524,933 Class A Subordinate Voting Shares and 3,769,322 Class B Common Shares of Newfoundland Capital Corporation Limited ("NCC") (collectively, the "Shares"), representing 100% of the issued and outstanding Shares. Stingray acquired direct and indirect ownership of the Shares by way of a court-approved plan of arrangement under Section 192 of the Canada Business Corporations Act (the "Arrangement") pursuant to an arrangement agreement dated May 2, 2018.

Prior to completion of the Arrangement, Stingray did not own any Shares. Immediately after completion of the Arrangement, Stingray directly and indirectly owns and controls 21,524,933 Class A Shares and 3,769,322 Common Shares of NCC, representing 100% of the issued and outstanding Shares.

The purpose of the Arrangement was to enable Stingray to acquire all of the issued and outstanding Shares. As a result of the completion of the Arrangement, the Shares of NCC will be delisted from the Toronto Stock Exchange and NCC has filed to cease to be a reporting issuer.

The head office address of NCC is 8 Basinview Drive, Darmouth, Nova Scotia, B3B 1G4.

To obtain a copy of the Early Warning Report filed by Stingray, please contact Lloyd Perry Feldman at [phone] (ext. 2428).

 

SOURCE Stingray Digital Group Inc.

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