SLANG Worldwide files for IPO on CSE

SLANG Worldwide Inc., formerly Fire Cannabis Inc., has filed a preliminary prospectus for an initial public offering (IPO) by way of distribution of 43,998,590 units issuable upon the automatic conversion of 43,998,590 subscription receipts.

Each unit will consist of one common share and ½ of one share purchase warrant.

The subscription receipts were issued on September 26, 2018 on a private placement basis at a price of $1.50 per subscription receipt.

The subscription receipts were offered by a syndicate led by Canaccord Genuity Corp. and includes Clarus Securities Inc., GMP Securities L.P. and Paradigm Capital Inc.

SLANG intends to list its shares on the Canadian Securities Exchange (CSE).

Toronto based SLANG is a branding and marketing company focused on developing reputable brands and quality hardware products that are synergistic with the cannabis business sector.

On November 29, 2018, SLANG entered into an agreement to acquire Denver, Colorado based National Concessions Group, Inc. (NCG) for US $20 million in cash and the issuance of common shares and restricted shares valued at CDN $61.875 million.

The acquisition of NCG is set to close concurrently with the listing of SLANG’s common shares on the CSE.

Upon closing of NCG acquisition and listing on CSE, SLANG will have approximately 214 million shares issued and outstanding.