SLANG Worldwide Announces Closing of Additional Financing

SLANG Worldwide Inc. (CNSX: SLNG), (Frankfurt: 84S), (“SLANG” or the “Company“), today announced that it has closed a second tranche of its non-brokered private placement financing that was previously announced on November 26, 2019 (the “Financing”) due to strong investor demand.

Pursuant to the second closing, the Company issued an aggregate of 3,570,407 units (“Units”) at a price of $0.49 per Unit for gross proceeds of $1,750,000.  Each Unit is comprised of one SLANG common share (a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share for five years at an exercise price of $0.52 per Common Share. The Company has the option to accelerate the exercise of the Warrants after one year, in quarterly tranches equal to one-third of the aggregate number of Warrants issued, in the event that the Common Shares trade at a price in excess of $1.50 for a period of 30 consecutive days. Should all of the Warrants issued pursuant to the Financing be exercised, it would provide the Company with an additional $1,750,000 million in proceeds.

The Company intends to use the proceeds of the Financing to support strategic growth opportunities and for general corporate purposes.

Certain of the securities issued pursuant to the Financing are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

SOURCE SLANG WORLDWIDE