GANDER, NL, Nov. 5, 2018 /CNW/ - Irving West, Limited today entered into a Subscription Agreement with Stingray Digital Group Inc. (TSX: RAY.A; RAY.B) pursuant which Irving West or its affiliate has agreed to purchase an aggregate of 2,429,544 Subordinate Voting Shares of Stingray at a price of $10.29 per Subordinate Voting Share for total gross proceeds of $25,000,007.76. Irving West is controlled by Harry R. Steele of Gander, Newfoundland and Labrador. Upon closing, Irving West will increase its ownership from 6.18% of the outstanding Subordinate Voting Shares to 10.13% of the outstanding Subordinate Voting Shares. The acquisition remains subject to regulatory approval.
Irving West and its affiliates have no intention to undertake any other transactions relating to Stingray, other than subject to regulatory limitations, they may acquire, dispose of or continue to hold shares in the normal course of their investment activities.
SOURCE Irving West Limited
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