TORONTO–(BUSINESS WIRE)–SOL Global Investments Corp. (“SOL Global” or the “Company”) (CSE: SOL) (OTCQB: SOLCF) (Frankfurt: 9SB) is pleased to announce the closing of its previously disclosed settlement of litigation with 1235 Fund LP (“1235”) relating to a senior, secured non-convertible debenture issued and sold to 1235 in the principal amount of CAD$50 million (the “Debenture”). Pursuant to the settlement, the Company paid CAD$120 million (which is CAD $68.5 million above the Debenture’s principal and accrued interest) to 1235 (the “Settlement Payment”). As previously disclosed, SOL Global had commenced legal proceedings in New York against 1235 and another entity, and 1235 had commenced legal proceedings against SOL Global and others in Ontario. Both legal proceedings concerned the interpretation of the Debenture and related agreements and the rights of the parties under these agreements. With the Settlement Payment having been completed, both legal proceedings will now be dismissed without costs.
In addition, the Company is pleased to announce the completion of its normal course issuer (“NCIB”) for the purchase of 2,737,805 common shares in the capital of the Company (the “Common Shares”), representing approximately 5% of its issued and outstanding Common Shares at the time of the commencement of the NCIB. The Common Shares were purchased through the facilities of the Canadian Securities Exchange at an average purchase price of $4.1466 per Common Share.
Clarus Securities Inc. acted as the Company’s broker to conduct the NCIB on the Company’s behalf. All of the Common Shares purchased by the Company under the NCIB have been cancelled. The Company’s new number of issued and outstanding Common Shares is 52,018,533.
About SOL Global Investments Corp.:
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company’s investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company’s six primary business segments include Retail (QSR & Hospitality), Agriculture including Cannabis, Technology (with a focus on Clean-Tech and EVs), Esports and Gaming, Cryptocurrency, and New Age Wellness.