Burlington, Vermont–(Newsfile Corp. – February 24, 2023) – Shayne Lynn, of Burlington, Vermont, announced that on February 13, 2023, he acquired 70,511,886 Restricted Shares (“Restricted Shares“) of SLANG Worldwide Inc. (“SLANG“), a company with a head office at 50 Carroll Street, Toronto, Ontario M4M 3G3 at a price of approximately C$0.08 per Restricted Share (the “Acquisition“). Each Restricted Share is convertible into one common share of SLANG. The Restricted Shares were issued to Mr. Lynn as post-closing consideration in connection with the acquisition of High Fidelity, Inc. by SLANG.
Prior to the Acquisition, Mr. Lynn owned or controlled, directly or indirectly, 77,187 Restricted Shares and 3,721,998 common shares in the capital of SLANG, representing approximately 3.24% of the issued and outstanding common shares of SLANG assuming the conversion of the Restricted Shares held by Mr. Lynn.
After the completion of the Acquisition and assuming the conversion of the Restricted Securities held by Mr. Lynn into common shares of SLANG, Mr. Lynn beneficially owns or controls, directly or indirectly, approximately 34.17% of the issued and outstanding common shares of SLANG.
In accordance with applicable securities laws, Mr. Lynn may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities“) of SLANG in the open market or otherwise, and reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of SLANG and other relevant factors.
This press release is issued pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
A copy of the Early Warning Report filed under applicable securities laws is available under SLANG’s profile on SEDAR (www.sedar.com).
(Signed) “Shayne Lynn”
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156032