TORONTO, July 3, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company, is pleased to announce the outcome of the accelerated expiry of its warrants issued on July 23, 2018 and originally expiring on July 21, 2020 (the "Warrants").
Since the announcement of the accelerated expiry of the Warrants on May 24, 2019, 8,841,319 Warrants were exercised prior to the accelerated expiration date of June 28, 2019 and the Company received aggregate proceeds of approximately C$10.2 million in connection therewith. Overall, nearly 13.2 million Warrants were exercised, representing 98% of the total Warrants originally issued. As a result, the Company now has common shares outstanding of 225,557,884. 260,608 warrants expired unexercised.
"We are pleased with the outcome of the early warrant exercise," said Peter Miller, CEO. "The funds brought in from the accelerated warrants could represent 2 years of operating capital. SLANG is well positioned to continue executing on our capital light business model, focusing on development and ownership of the best brands in cannabis."
The Company is pleased to remind shareholders that it will host its Annual and Special Meeting of shareholders at 2:00 p.m. EDT on Monday, July 8, 2019 at the offices of Dentons Canada LLP located at 77 King Street West, Suite 400, Toronto-Dominion Centre, Toronto, Ontario. A management information circular and form of proxy have been filed on SEDAR and mailed to registered shareholders.
All shareholders of record as of May 9, 2019 are invited to attend the Annual and Special Meeting, which will feature a management presentation on the Company's progress and strategy. Those who are unable to attend in person can access an archived webcast on the Investors section of Company's website at www.slangww.com. The webcast will be available on the Company's website for one year.
SLANG also announced today that Kristina McCahon has joined the Company as Director, Investor Relations and Chief of Staff. In this role, she will be a primary point of contact for the investment community and other key stakeholders.
Ms. McCahon has eight years of experience in the financial services industry including positions at BMO Capital Markets, RBC Capital Markets and CIBC Wood Gundy. At those institutions, Ms. McCahon worked primarily on the Corporate Access teams with responsibility for the planning and execution of IPOs and other investor marketing events. She was also actively involved in relationship management, liaising between corporate clients and internal banking, research, sales and trading teams, as well as institutional investors. Ms. McCahon earned a B.A. (Hons) from Wilfrid Laurier University and a post-graduate certificate in marketing management from Humber College.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 the US. The Company is focused on acquiring and developing market-proven regional brands as well as creating new brands to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. For more information, please visit www.slangww.com.
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management of SLANG at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to regulatory risks, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the risks associated with international and foreign operations and the other risks identified under the headings "Risk Factors" in SLANG's final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2018, each as filed on SEDAR at www.sedar.com. SLANG is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
SOURCE SLANG WORLDWIDE