Slate Office REIT Closes $45 Million Bought Deal Offering

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Slate Office REIT (the “REIT”) (TSX: SOT.UN), an owner and operator of high-quality workplace real estate, announced today that it has closed its previously announced bought deal public offering (the “Offering”) by way of its short form base shelf prospectus dated April 29, 2021, as supplemented by a prospectus supplement dated October 19, 2022 (collectively, the “Prospectus”). CIBC Capital Markets, BMO Capital Markets and RBC Capital Markets acted as joint bookrunners for the Offering on behalf of a syndicate of underwriters which also included TD Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Raymond James Ltd., Canaccord Genuity Corp., iA Private Wealth Inc., Cormark Securities Inc. and Laurentian Bank Securities Inc. (collectively, the “Underwriters”), whereby the Underwriters purchased $45 million aggregate principal amount of 7.50% convertible unsecured subordinated debentures of the REIT (the “Initial Debentures”). The REIT has also granted the Underwriters an option (the “Over-Allotment Option”) to purchase up to an additional $6.75 million of 7.50% convertible unsecured subordinated debentures of the REIT (the “Additional Debentures”, and together with the Initial Debentures, the “Debentures”) on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Offering. The REIT has received conditional approval from the Toronto Stock Exchange (the “TSX”) to list the Debentures on the TSX.