Stingray Digital Group Inc. completed an initial public offering of an aggregate of 22,400,000 subordinate voting shares and variable subordinate voting shares of Stingray at a price of $6.25 per share, for total gross proceeds of $140 million on June 3, 2015. The offering consisted of a treasury offering of 13,287,100 offered shares by Stingray for total gross proceeds of approximately $83 million and a secondary offering of an aggregate of 9,112,900 Offered Shares by certain Novacap technologies funds and Télésystème Ltée for total gross proceeds of approximately $57 million to the selling shareholders. A concurrent secondary private placement of $18.35 million by the selling shareholders and other shareholders of Stingray also closed contemporaneously with the offering. On June 9, 2015, Stingray issued an aggregate of 3,360,000 subordinate voting shares and variable subordinate voting shares at a price of $6.25 per share, for total gross proceeds of $21 million, pursuant to the exercise in full of the underwriters’ over-allotment option granted by Stingray in connection with its initial public offering. The offering was made through a syndicate of underwriters co-led by National Bank Financial Inc., GMP Securities L.P. and BMO Capital Markets, and comprised of CIBC World Markets Inc., TD Securities Inc. and RBC Dominion Securities Inc. Fasken Martineau acted as counsel to the Underwriters, with a team including Michel Boislard, Jean-Pierre Chamberland, Caitlin Rose, Marie-Christine Valois (Securities), Stephen Whitehead, Yael Wexler (CRTC Regulatory), Jean-Philippe Mikus and Paul Gagnon (IP), and Claude E. Jodoin (tax).