G2S2 CAPITAL INC. ANNOUNCES INCREASED INVESTMENT IN SLATE OFFICE REIT

HALIFAX, NS, May 31, 2023 /CNW/ - G2S2 Capital Inc. ("G2S2"), announces that its wholly owned subsidiary has acquired ownership of, and control over, $373,000 principal amount of 5.50% convertible unsecured subordinated debentures of Slate Office REIT ("Slate Office").

Specifically, on May 31, 2023, G2S2's wholly owned subsidiary, Armco Alberta Inc., acquired $373,000 principal amount of 5.50% convertible unsecured subordinated debentures through the facilities of the Toronto Stock Exchange at a price of $740 per $1,000 of principal amount (the "Acquisition").

Prior to the Acquisition, G2S2 beneficially owned and exercised control over an aggregate of 14,607,500 trust units ("Units") of Slate Office, and $7,724,000 principal amount of 7.50% convertible unsecured subordinated debentures, $1,896,000 principal amount of 9.00% convertible unsecured subordinated debentures, and $1,477,000 principal amount of 5.50% convertible unsecured subordinated debentures (cumulatively, the "Convertible Debentures"), which, if converted, would entitle G2S2 to an additional 1,976,322 Units, representing in aggregate a securityholding percentage of 20.22% of the Units (determined on a partially diluted basis assuming the conversion of only G2S2's principal amount of Convertible Debentures).

Immediately after the Acquisition, G2S2 beneficially owns and exercises control over an aggregate of 14,607,500 Units of Slate Office, and $7,724,000 principal amount of 7.50% convertible unsecured subordinated debentures, $1,896,000 principal amount of 9.00% convertible unsecured subordinated debentures, and $1,850,000 principal amount of 5.50% convertible unsecured subordinated debentures, which, if converted, would entitle G2S2 to an additional 2,033,706 Units, representing in aggregate a securityholding percentage of 20.28% of the Units (determined on a partially diluted basis assuming the conversion of only G2S2's principal amount of Convertible Debentures).

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 Slate Office in the normal course of its investment activities 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.

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