DARTMOUTH, NS, July 12, 2018 /CNW/ - Newfoundland Capital Corporation Limited (the "Company") (TSX: NCC.A, NCC.B) announced today that its wholly-owned subsidiary, Newcap Inc., has received approval from the Canadian Radio-television and Telecommunications Commission ("CRTC") to acquire the assets of the radio stations CKEC-FM and CKEZ-FM located in New Glasgow, Nova Scotia owned by Hector Broadcasting Company Limited. As agreed by both parties, this transaction is expected to close after the completion of the plan of arrangement announced on May 2, 2018 under which Stingray Digital Group Inc. will acquire all the issued and outstanding shares of the Company. This is expected to occur in the next three to six months.

Stingray Digital Group Inc. (TSX:RAY.A) (TSX:RAY.B) will hold its Annual and Special Meeting of Shareholders on Wednesday, August 8, 2018 at 11:00 am (EDT) at its Montreal Headquarters (730 Wellington Street, Montreal, QC).

Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) (the "Company") announced today that its shareholders have approved the Company's plan of arrangement involving the Company, Stingray Digital Group Inc. (TSX: RAY.A, RAY.B) and 10643432 Canada Inc. as described in the Company's Management Information Circular dated May 23, 2018. Shareholders voted 99.996% in favour of the transaction, with 0.004% of the votes against. Over 95% of the eligible votes were represented at the meeting.