Ballantyne strong exercises rights

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.
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