Brady Cobb of SOL Global reports
SOL GLOBAL INVESTMENTS CORP. ACQUIRES SECURITIES OF FRANKLY INC.
SOL Global Investments Corp. has acquired an aggregate of 4,831,500 common shares and 2,349,500 common share purchase warrants of Frankly Inc., representing 16.3 per cent of the issued and outstanding common shares of Frankly on a non-diluted basis and 22.5 per cent of Frankly on a partially diluted basis. SOL Global acquired an initial aggregate position of 4.7 million common shares and the 2,349,500 common share purchase warrants between May 10, 2019, and May 22, 2019, pursuant to a private placement offering of Frankly units at a price of 35 cents per unit for an aggregate purchase price of $1,645,000. Each unit comprised one common share of Frankly and one-half of one warrant, with each whole warrant exercisable for one common share of Frankly at an exercise price of 65 cents for a period of 24 months from the issue date. SOL Global did not hold any securities of Frankly prior to the Frankly private placement.
SOL Global acquired an additional aggregate of 131,500 common shares of Frankly through a series of trades on the open market between May 22, 2019, to May 29, 2019, at prices ranging from $1.55 to $3.63 per common share for an aggregate purchase price of $351,885.
The company acquired the securities for investment purposes. The company 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 Global.
About SOL Global Investments Corp.
SOL Global is an international investment company with a focus on, but not limited to, cannabis and cannabis-related companies in legal U.S. states, the hemp and CBD (cannabidiol) marketplaces and the emerging European cannabis and hemp marketplaces. Its strategic investments and partnerships across cultivation, distribution and retail complement the company's research and development program with the University of Miami.
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