Boyko Investments Limited Partnership Acquires Subordinate Voting Shares of Stingray Group Inc.

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, Nov. 18, 2021 /CNW Telbec/ - Eric Boyko ("EB"), President, Chief Executive Officer and co-founder of Stingray Group Inc. ("Stingray"), announces that he has acquired today, through Boyko Investments Limited Partnership ("BILP"), control over 80,000 subordinate voting shares ("Subordinate Voting Shares") of Stingray, representing approximately 0.15% of the total Subordinate Voting Shares outstanding, approximately 0.11% of the total shares outstanding of Stingray and approximately 0.03% of the total voting rights outstanding of Stingray (all percentages as at October 31, 2021). The purchased shares, together with Subordinate Voting Shares acquired since October 26, 2018 (including 200,000 Subordinate Voting Shares acquired by BILP on November 12, 2021), represent an increase in EB's holdings of approximately 2.01% of the total Subordinate Voting Shares outstanding, approximately 1.49% of the total shares outstanding of Stingray and approximately 0.45% of the total voting rights outstanding of Stingray (all percentages as at October 31, 2021).

Prior to this transaction, EB had control over 12,941,498 multiple voting shares of Stingray ("Multiple Voting Shares") and 4,407,711 Subordinate Voting Shares, representing approximately 24.52% of the total shares outstanding of Stingray and approximately 57.63% of the total voting rights outstanding of Stingray (all percentages as at October 31, 2021).

Immediately after this transaction, EB has control over 12,941,498 Multiple Voting Shares and 4,487,711 Subordinate Voting Shares, representing approximately 24.64% of the total shares outstanding of Stingray and approximately 57.66% of the total voting rights outstanding of Stingray (all percentages as at October 31, 2021).

The acquisition price of the 80,000 Subordinate Voting Shares was $7.50 per share, for a total consideration of approximately $600,000.

EB acquired control over the 80,000 Subordinate Voting Shares for investment purposes only and not with a view to materially affecting control of Stingray. Depending upon market conditions and other factors, EB, or companies controlled by EB, may from time to time acquire or dispose of additional shares of Stingray, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Stingray.

The acquisition of Subordinate Voting Shares was made in reliance on the private agreement exemption set forth in National Instrument 62-104 – Take-Over Bids and Issuer Bids (Regulation 62-104 respecting Take-Over Bids and Issuer Bids in the Province of Québec) for the acquisition of the 80,000 Subordinate Voting Shares as the purchase was made from not more than 5 persons in the aggregate and at a price not greater than 115% of the "market price" of the Subordinate Voting Shares as determined in accordance with section 1.11 of National Instrument 62-104 – Take-Over Bids and Issuer Bids (Regulation 62-104 respecting Take-Over Bids and Issuer Bids in the Province of Québec).

"These recent purchases of Subordinate Voting Shares reflect my confidence in the prospects and future performance of Stingray", commented Eric Boyko.

The head office address of Stingray is 730 Wellington Street, Montréal, Québec  H3C 1T4.

SOURCE Eric Boyko

or to obtain a copy of the Early Warning Report filed by EB, please contact Lloyd Perry Feldman at [phone] (ext. 2428)