G2S2 CAPITAL INC. ANNOUNCES INCREASED INVESTMENT IN SLATE OFFICE REIT

HALIFAX, NS, Oct. 25, 2022 /CNW/ - G2S2 Capital Inc. ("G2S2") announces that its wholly owned subsidiary has acquired $7,100,000 principal amount of 7.50% Convertible Unsecured Subordinated Debentures ("Convertible Debentures") of Slate Office REIT ("Slate Office").

Specifically, on October 25, 2022, G2S2's wholly owned subsidiary, Armco Alberta Inc., acquired $7,100,000 principal amount of Slate Office Convertible Debentures at a price of $940 per $1,000 of principal pursuant to a bought deal public offering (the "Acquisition").  

Immediately prior to the Acquisition, G2S2 beneficially owned and exercised control over 12,703,400 trust units ("Units") of Slate Office, representing a securityholding percentage of 15.84% of the Units.

Immediately after the Acquisition, G2S2 beneficially owns and exercises control over an aggregate of 12,703,400 Units and $7,100,000 principal amount of Convertible Debentures which, if converted, would entitle G2S2 to an additional 1,290,909 Units, representing a securityholding percentage of 17.18% of the Units (determined on a partially diluted basis assuming the conversion of only G2S2's $7,100,000 principal amount of Convertible Debentures).

On October 20, 2022, G2S2, and its wholly owned subsidiary, Armco Alberta, published an open letter to REIT unitholders expressing disappointment in the REIT management's performance and lack of accountability and highlighting various instances of misaligned interests, unitholder value destruction, and incoherent strategic direction. G2S2 also announced its intention to requisition a special meeting of unitholders to give REIT unitholders a democratic forum for expressing their views and concerns, and to elect trustees who will represent the interests of all unitholders.

G2S2, through its wholly owned subsidiary, Armco Alberta, owns the Units and Convertible Debentures for investment purposes. G2S2 may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of the REIT through market transactions, private agreements, or otherwise.

In accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, G2S2 has filed an early warning report regarding these transactions on the System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Slate Office's issuer profile. Slate Office's head office is located at 121 King Street West, Suite 200, Toronto, Ontario M5H 3T9.

About G2S2

G2S2 Capital Inc. is a privately held investment holding company focused on creating value across a variety of businesses with a long term horizon. G2S2 is incorporated under the laws of Canada. G2S2 is controlled
by George & Simé Armoyan.

SOURCE G2S2 Capital Inc.

For further information or to obtain a copy of the early warning report, please contact George Armoyan, Executive Chairman of G2S2 at 416-855-1922.