Eric Boyko discloses holdings in Stingray Digital Group Inc.

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, June 3, 2015 /CNW Telbec/ - Eric Boyko ("EB") announces that, in connection with the completion on June 3, 2015 of an initial public offering (the "Offering") of an aggregate of 22,400,000 subordinate voting shares and variable subordinate voting shares by Stingray Digital Group Inc. ("Stingray"), he has acquired control over 10,794,285 multiple voting shares of Stingray (the "Multiple Voting Shares") contemporaneously with the closing of the Offering, representing approximately 66.2% of the total Multiple Voting Shares outstanding, approximately 22.8% of the total shares outstanding of Stingray and approximately 55.7% of the total voting rights outstanding of Stingray. Each Multiple Voting Share confers the right to ten votes per share.

EB is a shareholder of 8242003 Canada Inc. ("Newco1"), a direct shareholder of Stingray holding 7,938,285 Multiple Voting Shares (representing approximately 16.8% of the total shares outstanding of Stingray and approximately 40.9% of the total voting rights outstanding of Stingray) as a result of the reorganization and private placement completed contemporaneously with the closing of the Offering (the "Reorganization and Private Placement"), and indirectly holds 5,843,632 Multiple Voting Shares (representing approximately 12.4% of the total shares outstanding of Stingray and approximately 30.1% of the total voting rights outstanding of Stingray) through Newco1. The shareholders of Newco1 have entered into a Voting Trust and Right of First Offer Agreement dated as of June 3, 2015 pursuant to which they have appointed EB as voting trustee. As such, EB possesses voting control over the 7,938,285 Multiple Voting Shares held by Newco1.

In addition, the shareholders of 8978832 Canada Inc. ("Newco2"), a direct shareholder of Stingray holding 2,856,000 Multiple Voting Shares (representing approximately 6.0% of the total shares outstanding of Stingray and approximately 14.7% of the total voting rights outstanding of Stingray) as a result of the Reorganization and Private Placement, have entered into a Voting Trust and Right of First Offer Agreement dated as of June 3, 2015 pursuant to which they have appointed EB as voting trustee. As such, EB possesses voting control over the 2,856,000 Multiple Voting Shares.

EB has control over 10,794,285 Multiple Voting Shares, representing approximately 66.2% of the total Multiple Voting Shares outstanding, approximately 22.8% of the total shares outstanding of Stingray and approximately 55.7% of the total voting rights outstanding of Stingray.

EB acquired control over 10,794,285 Multiple Voting Shares for investment purposes as a result of the terms of the Reorganization and Private Placement completed concurrently with the Offering. EB, or companies controlled by EB, may from time to time acquire additional shares of Stingray. Newco1 and Newco2 are bound by lock-up agreements dated as of June 3, 2015 and are unable to sell any Multiple Voting Shares for a period of two years thereafter.

 

SOURCE Eric Boyko

For further information: or to obtain a copy of the Early Warning Report filed by EB, please contact Lloyd Perry Feldman at (514) 664-1244 (ext. 2428)

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