G2S2 CAPITAL INC. FILES EARLY WARNING REPORT FOR INVESTMENT IN RAVELIN PROPERTIES REIT

HALIFAX, NS, Dec. 12, 2025 /CNW/ - G2S2 Capital Inc. ("G2S2"), announces that its wholly owned subsidiary, Armco Alberta Inc., has disposed of an aggregate of 15,110,200 ("Units") of Ravelin Properties REIT ("Ravelin") in private transactions at a price of $0.31 per Unit, for total aggregate consideration of $4,684,162 (the "Disposition"), representing approximately 18.76% of the outstanding Units.

Prior to the Disposition, G2S2, together with its joint actors, had ownership of, and control over, 15,110,200 Units, $7,881,000 principal amount of 7.50% convertible unsecured subordinated debentures, $1,897,000 principal amount of 9.00% convertible unsecured subordinated debentures, $2,329,000 principal amount of 5.50% convertible unsecured subordinated debentures (collectively, the "Convertible Debentures"), and 302,058 deferred trust units, which, if converted or redeemed, would entitle G2S2 to an additional 2,438,183 Units. These securities represented, in aggregate, a securityholding percentage of 21.14% of the Units (determined on a partially diluted basis).

Immediately after the Disposition, G2S2, together with its joint actors, had ownership of, and control over, $7,881,000 principal amount of 7.50% convertible unsecured subordinated debentures, $1,897,000 principal amount of 9.00% convertible unsecured subordinated debentures, $2,329,000 principal amount of 5.50% convertible unsecured subordinated debentures, and 302,058 deferred trust units, which, if converted or redeemed, would entitle G2S2 and its joint actors to an additional 2,438,183 Units. These securities represent, in aggregate, a securityholding percentage of 2.94% of the Units (determined on a partially diluted basis).

G2S2, through its wholly owned subsidiary, Armco Alberta, owns securities of Ravelin for investment purposes. G2S2 may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of Ravelin in the normal course of its investment activities through market transactions, private agreements, or otherwise.

In accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, G2S2 has filed an early warning report regarding this transaction on SEDAR+ (www.sedarplus.ca) under Ravelin's issuer profile. Ravelin's head office is located at 401 The West Mall, Suite 620, Toronto, Ontario M9C 5J5. G2S2's head office is located at 168 Hobsons Lake Drive, Suite 300, Halifax, Nova Scotia  B3S 0G4.

About G2S2

G2S2 Capital Inc. is a privately held investment holding company focused on creating value across a variety of businesses with a long term horizon. G2S2 is incorporated under the laws of Canada. G2S2 is controlled by George & Simé Armoyan.

SOURCE G2S2 Capital Inc.

For further information or to obtain a copy of the early warning report, please contact George Armoyan, Executive Chairman of G2S2 at 416-855-1922.