HRON CANADIAN INVESTMENTS LTD. PURCHASES INDIGO SHARES

TORONTO, Nov. 14, 2022 /CNW/ - HRON Canadian Investments Ltd. ("HRON"), a corporation controlled by Heather Reisman, has purchased 437,900 common shares (or approximately 1.6% of the total outstanding common shares) of Indigo Books & Music Inc. ("Indigo") today at an average price of $2.086, for an aggregate purchase price of $913,801.50, in ordinary market trades through the facilities of the Toronto Stock Exchange and other Canadian marketplaces.  The common shares were acquired for investment purposes pursuant to the normal course purchase exemption in Section 4.1 of National Instrument 62-104 - Take-Over Bids and Issuer Bids.

HRON, together with other entities controlled directly or indirectly by Heather Reisman and her spouse, Gerald W. Schwartz, now own an aggregate of 16,737,265 Indigo common shares, representing approximately 61.20% of the total outstanding common shares (compared to an aggregate of 16,299,365 Indigo common shares, representing approximately 59.60% of the total outstanding common shares owned immediately prior to the trades).  HRON may acquire or sell common shares of Indigo from time to time, subject to market conditions.

An early warning report will be filed in accordance with applicable securities laws and will be available on SEDAR at www.sedar.com.

A copy of the early warning report can also be obtained from:

HRON Canadian Investments Ltd.
161 Bay Street, Suite 4900
Toronto, ON
Michelle Iskander
[phone]

Head office address of Indigo Books & Music Inc.:
620 King Street West, Suite 400
Toronto, ON

SOURCE HRON Canadian Investments Ltd.