TORONTO, May 24, 2019 /CNW/ - SLANG Worldwide Inc. (the "Company") (CSE:SLNG), (Frankfurt: 84S), announced today that it has elected to exercise its right under the warrant indenture (the "Warrant Indenture") governing the common share purchase warrants of the Company issued on July 23, 2018 (the "Warrants") to accelerate the expiry date of the Warrants. Pursuant to the terms of the Warrant Indenture, the Company may accelerate the expiry date of the Warrants if, at any time prior to July 21, 2020, the closing trading price of the common shares of the Company (the "Common Shares") on the Canadian Securities Exchange (the "CSE") exceeds $1.75 for a period of at least 20 consecutive trading days. As of the close of markets on May 23, 2019, the closing trading price of the Common Shares on the CSE exceeded $1.75 per Common Share for more than 20 consecutive trading days.
Accordingly, the expiry date for the Warrants is accelerated to June 28, 2019. From and after 5:00 p.m. (Toronto time) on June 28, 2019, no Warrants may be exercised and all unexercised Warrants will be void and of no effect. Warrant holders who wish to exercise their Warrants should ensure that they allow sufficient time for delivery of their Warrants and the related exercise price funds to the warrant agent for the Warrants, including consulting with and instructing their investment advisors where they hold their Warrants through an investment advisor.
As of May 23, 2019, a total of 9,101,927 of the 13,436,005 originally issued Warrants had yet to be exercised. Each Warrant is exercisable to acquire one Common Share at an exercise price of $1.15. Consequently, if all Warrants are exercised, proceeds to the Company will total $10,467,216.05.
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 11 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 and on the Frankfurt Stock Exchange under the trading symbol 84S. For more information, please visit www.slangww.com.
The CSE has not reviewed, approved or disapproved the content of this news release.
SOURCE SLANG WORLDWIDE