SOL Global Files Early Warning Report in Relation to Disposition of Common Shares of Frankly Inc.
29 Nov, 2019, 17:00 ET
TORONTO, Nov. 29, 2019 /CNW/ - SOL Global Investments Corp. ("SOL") (CSE:SOL) (OTCPK: SOLCF) (Frankfurt:9SB) announces that it has filed an early warning report in connection with a disposition of common shares ("Common Shares") of Frankly Inc. ("Frankly") (TSX-V:TLK). Frankly's head office is located at 50 West 17th Street, 11th Floor, New York, New York, 10011.
On November 6, 2019, SOL disposed of ownership and control of 400,000 Common Shares through the facilities of the TSX Venture Exchange (the "Disposition"). The consideration received per Common Share under the Disposition was $0.48, for total consideration received of $189,352. The completion of the Disposition together with other dispositions of Common Shares by SOL since SOL's early warning report filed on June 6, 2019 (the "June 6 Report") resulted in a 2.49% decrease in SOL's Common Share holding from the 16.3% holding reported in the June 6 Report.
Immediately prior to the Disposition, SOL beneficially owned 4,596,600 Common Shares, representing approximately 15.1% of the issued and outstanding Common Shares on a non-diluted basis. Immediately following the completion of the Disposition, SOL beneficially owned 4,196,600 Common Shares, representing approximately 13.81% of the issued and outstanding shares Common Shares on a non-diluted basis.
SOL sold the securities for investment purposes. SOL may, depending on market and other conditions, increase or decrease its beneficial ownership in Frankly's securities, whether in transactions over the open market, by privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
For more information or to obtain a copy of the early warning report filed in respect of this press release, contact SOL at the contact details noted below.
About SOL Global Investments Corp.
SOL is an international investment company with a focus on investing in cannabis and cannabis related companies in legal U.S. states, the hemp and CBD marketplaces and the emerging European cannabis and hemp marketplaces with an objective of providing shareholders with a long term return through capital appreciation, dividends and interest from its investments. If SOL believes there is a strategic reason to do so, it may also invest in companies not in the cannabis sector.
SOL's head office is located at 100 King Street West, Suite 5600, Toronto, Ontario, M5X 1C9.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contain herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative if these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may", or "will" happen, or by discussions of strategy. Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management of the Company, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, but are not limited to: the Company's ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE SOL Global Investments Corp.
For further information: SOL Global Investments Corp., Brady Cobb, Chief Executive Officer, Phone: (212) 729-9208, Email: [email protected]
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