Cannell Capital, LLC Announces Filing of Early Warning Reports

ALTA, WY, March 3, 2020 /CNW/ - Cannell Capital, LLC ("Cannell"), a Wyoming limited liability company, in its capacity as investment adviser for Tonga Partners, L.P. ("Tonga"), Tristan Partners, L.P. ("Tristan"), and Tristan Offshore Fund, Ltd. ("Tristan Offshore") (collectively, the "Funds") and as an investment sub-advisor for the Cuttyhunk Master Portfolio ("Cuttyhunk") announced today that on October 26, 2018, Tonga and Cuttyhunk acquired an aggregate of 34,663 shares of McCoy Global Inc. ("McCoy"), representing approximately 0.1% of the issued and outstanding voting securities of McCoy (being the common shares of McCoy (the "McCoy Shares")).   The 34,663 McCoy Shares were acquired at a price of US$0.8967 per share, being C$1.1750 per share based on the daily average exchange rate for US dollars to Canadian dollars published by the Bank of Canada on October 26, 2018.

As a result of this acquisition, Cannell, through Tonga and Cuttyhunk, exercised control or direction over an aggregate of 2,781,248 McCoy Shares, representing approximately 10.1% of the issued and outstanding McCoy Shares as at October 26, 2018. Prior to this acquisition, Cannell, through Tonga and Cuttyhunk, exercised control or direction over an aggregate of 2,746,585 McCoy Shares, representing approximately 9.9% of the issued and outstanding McCoy Shares at that time.  Since October 26, 2018, Tonga and Cuttyhunk have acquired an additional 653,400 McCoy Shares, representing an approximate increase of 2.4%.  As such, as of the date of this release, Cannell, through Tonga and Cuttyhunk, exercises control or direction over an aggregate of 3,434,648 McCoy Shares, or approximately 12.5% of the issued and outstanding McCoy Shares.  

Cannell also announced today that on September 12, 2019, the Funds and Cuttyhunk acquired an aggregate of 109,458 shares of Strad Inc. (formerly Strad Energy Services Ltd.) ("Strad") representing approximately 0.2% of the issued and outstanding voting securities of Strad (being the common shares of Strad (the "Strad Shares")).  The 109,458 Strad Shares were acquired at a price of US$1.2528 per share, being C$1.6501 per share based on the daily average exchange rate for US dollars to Canadian dollars published by the Bank of Canada on September 12, 2019.  

As a result of this acquisition, Cannell, through the Funds and Cuttyhunk, exercised control or direction over an aggregate of 5,671,580 Strad Shares, representing approximately 10.0% of the issued and outstanding Strad Shares as at September 12, 2019. Prior to this acquisition, Cannell, through the Funds and Cuttyhunk, exercised control or direction over an aggregate of 5,562,122 Strad Shares, representing approximately 9.8% of the issued and outstanding Strad Shares at that time.  Since September 12, 2019, the Funds and Cuttyhunk acquired an additional 490,185 Strad Shares, representing an increase of approximately 1.3%.  As such, as of the date of this release, Cannell, through the Funds and Cuttyhunk, exercises control or direction over an aggregate of 6,161,765 Shares, or approximately 11.3% of the issued and outstanding Strad Shares.    

Cannell acquired the Strad Shares and the McCoy Shares through the facilities of the Toronto Stock Exchange, in the ordinary course of business, for investment purposes only through open market purchases. Cannell may, from time to time, on its own behalf or on behalf of the Funds, Cuttyhunk, or other client accounts, acquire additional securities, dispose of some or all of the currently held or additional securities or may continue to hold the securities of McCoy or Strad.

An early warning report relating to these transactions will be filed on the System for Electronic Document Analysis and Review ("SEDAR") under McCoy and Strad's profiles and can be viewed at www.sedar.com.

SOURCE Cannell Capital, LLC

For further information or to obtain a copy of the early warning report, please contact: Stephen C. Wagstaff, Chief Financial Officer, Cannell Capital, LLC, 245 Meriwether Circle, Alta, WY 83414, Tel: [phone], Fax: [phone], Email: [email protected]