Irving West Acquires Additional Shares of Stingray

GANDER, NL, Nov. 5, 2018 /CNW/ - Irving West, Limited today entered into a Subscription Agreement with Stingray Digital Group Inc. (TSX: RAY.A; RAY.B) pursuant which Irving West or its affiliate has agreed to purchase an aggregate of 2,429,544 Subordinate Voting Shares of Stingray at a price of $10.29 per Subordinate Voting Share for total gross proceeds of $25,000,007.76. Irving West is controlled by Harry R. Steele of Gander, Newfoundland and Labrador. Upon closing, Irving West will increase its ownership from 6.18% of the outstanding Subordinate Voting Shares to 10.13% of the outstanding Subordinate Voting Shares. The acquisition remains subject to regulatory approval.