CHARLOTTE, N.C., Aug. 04, 2021 (GLOBE NEWSWIRE) — Ballantyne Strong, Inc. (NYSE American: BTN) of 4201 Congress Street, Suite 175, Charlotte, North Carolina 28209 announces that pursuant to the offering (the “Rights Offering”) of rights (the “Rights”) by GreenFirst Forest Products Inc. (the “Company”) which completed on July 30, 2021 (the “Expiry Time”), Ballantyne Strong exercised 8,269,500 Rights at an exercise price of $1.50 per Right for aggregate consideration of $12,404,250, gaining ownership and control of 8,269,500 subscription receipts of the Company (“Subscription Receipts”). Each Subscription Receipt will be automatically exchanged, without payment of additional consideration, for one common share in the capital of the Company (a “Common Share”) subject to and conditional upon satisfaction of certain conditions by the Company. Based on the Company’s press release of August 3, 2021, prior to and following the Expiry Time, 37,221,960 Common Shares were issued and outstanding and following the Expiry Time 111,665,880 Subscription Receipts were issued and outstanding upon the exercise of Rights. All amounts are in Canadian dollars unless otherwise indicated.
Prior to the Expiry Time, Ballantyne Strong Inc., through its wholly-owned subsidiary, Strong/MDI Screen Systems Inc, (collectively, “Ballantyne Strong”) beneficially owned or controlled 7,044,000 Common Shares (representing approximately 18.92% of the outstanding Common Shares). Under the Rights Offering, Ballantyne Strong was issued 21,132,000 Rights. Prior to the Expiry Time, Ballantyne Strong sold 12,862,450 Rights through the facilities of the TSX Venture Exchange at an average price of $0.1661 for aggregate consideration of approximately $2,136,932.
Following the Expiry Time, Ballantyne Strong ceased to have ownership or control over any Rights and beneficially owned or controlled 7,044,000 Common Shares (representing approximately 18.92% of the outstanding Common Shares) and 8,269,500 Subscription Receipts (representing approximately 10.29% of the outstanding Common Shares on a partially diluted basis, assuming all 11,665,800 Subscription Receipts issued upon exercise of all Rights issued under the Rights Offering are exchanged for Common Shares but no other securities of the Company convertible into Common Shares are exercised or converted).
The exercise of the Rights occurred pursuant to the terms of the Rights Offering and the Subscription Receipts were issued by the Company.
The securities of the Company held by Ballantyne Strong are held for investment purposes. Ballantyne Strong may, depending on market and other conditions, increase or decrease beneficial ownership or control in the securities of the Company, or otherwise deal with such securities in such manner as deemed advisable through market transactions, private agreements or otherwise.
Ballantyne Strong will file with the Canadian regulators within the prescribed period an early warning report providing details on the acquisition. The report will be available on SEDAR. In addition, a copy of the report may be obtained by contacting the following persons below.
Chief Executive Officer
|John Nesbett / Jennifer Belodeau
IMS Investor Relations