SiriusXM Canada Announces Closing Date for Recapitalization Go‑Private Transaction

TORONTO, May 18, 2017 /CNW/ - Sirius XM Canada Holdings Inc. ("SiriusXM Canada" or the "Company") (TSX: XSR), the parent of Sirius XM Canada Inc., is pleased to announce that its previously announced statutory plan of arrangement, pursuant to which, among other things, all of the shares of the Company will be acquired by 2517835 Ontario Inc., a corporation owned by Slaight Communications Inc., Obelysk Media Inc. and Sirius XM Radio Inc. (the "Arrangement") is expected to close on May 25, 2017.

The Company also confirms that the previously announced election deadline for the Company's shareholders to elect between cash, shares in Sirius XM Holdings Inc., exchangeable shares, or a combination thereof, in connection with the Arrangement, has passed.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made in this press release are forward-looking statements. These statements include, without limitation, statements relating to the recapitalization of the Company in a go-private transaction and the expected closing and timing thereof.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. For a description of relevant assumptions and risks, please consult XSR's 2016 Annual Information Form dated November 16, 2016, filed with the Canadian provincial securities regulatory authorities (available at sedar.com) and which is also available on the Company's website at www.siriusxm.ca.

The forward-looking statements contained in this press release describe our expectations at the date of this press release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.

About SiriusXM Canada

Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada. SiriusXM Canada, with approximately 2.8 million subscribers, is the country's leading audio entertainment company and broadcasts more than 130 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music. SiriusXM Canada offers an array of content from the most recognized news, entertainment and major sports brands including the NHL, NFL, NBA, MLB, NASCAR, CNN, CBC, FOX, BBC, Howard Stern, Disney, Comedy Central and more.

SiriusXM programming is available on a variety of devices including pre-installed and after-market radios in cars, trucks and boats, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available online at www.siriusxm.ca and on Apple and Android-powered mobile devices.

SiriusXM Canada has partnerships with every major automaker and its radio products are available at more than 2,500 retail locations nationwide. To find out more about SiriusXM Canada (TSX: XSR), visit our website at www.siriusxm.ca.

SiriusXM Canada has been designated one of Canada's 50 Best Managed Companies seven years in a row and is currently a Platinum Club Member, in addition to 2013, 2014 and 2015 rankings in PROFIT 500's list of Canada's Fastest Growing Companies.

Join SiriusXM Canada on Facebook at facebook.com/siriusxmcanada, on Twitter at twitter.com/siriusxmcanada and on Youtube at youtube.com/siriusxmcanada.

SOURCE Sirius XM Canada Holdings Inc.

Odeta Kellici, SiriusXM Canada, 416-513-7416, [email protected]; Craig MacPhail, NATIONAL Equicom, 416-586-1938, [email protected]