Symbol: TSX-V: LG
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MONTREAL,
Nov. 16, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV:
LG) ("LGC") is pleased to announce that it has received conditional
approval from the TSX Venture Exchange for a private placement of
units at a price of $0.15 per
unit. The private placement will be in a minimum amount of
$1 million (6,666,666 units) and a maximum amount of
$2 million (13,333,333 units). LGC expects the
closing of the private placement to take place within the next
week.
Each of the units will be comprised of one common share and one
common share purchase warrant; each warrant will entitle its holder
to acquire one additional LGC common share at a price of
$0.25 for a period of 18 months
from the closing date of the private placement. In the event that
the volume weighted average trading price of LGC's shares on the
TSX Venture Exchange for a period of ten consecutive trading days
is at least $0.30, the warrants will
expire, at the sole discretion of LGC, on the 30th day
after the date on which LGC sends a notice in prescribed form to
the holders of the warrants.
The units are being offered to "accredited investors" in
Canada and internationally. LGC
will use the net proceeds from the private placement to meet its
obligations within LGC's current cannabis investment portfolio and
for working capital.
At the closing of the private placement, LGC will pay cash
commissions to various securities dealers in an amount equal to 5%
of the proceeds from the sale of units sold through such
dealers. In addition, LGC will issue "broker warrants" to
such dealers in an amount equal to 5% of the number of units sold
through them. Each of the broker warrants will entitle the
holder to purchase one additional LGC common share at a price of
$0.15 for a period of 18 months
from the closing date of the private placement.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, and these securities will not be offered or sold in any
jurisdiction in which their offer or sale would be unlawful. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "1933 Act"),
or any state securities laws of the
United States. Accordingly, these securities will not be
offered or sold to persons within the
United States unless an exemption from the registration
requirements of the 1933 Act and applicable state securities laws
is available.
About LGC (http://www.lgc-capital.com)
LGC Capital Ltd. is a Canadian incorporated public company
listed on the TSX Venture Exchange (TSXV: LG). LGC's objective is
to become a diversified business group with core business divisions
that provide shareholders with exposure to a diverse range of
businesses, products and services.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements with
respect to LGC Capital Ltd. ("LGC"), its operations, strategy,
investments, financial performance and condition, and the private
placement referred to above. These statements generally can be
identified by use of forward-looking words such as "may", "will",
"expect", "estimate", "anticipate", "intends", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of LGC could differ materially from
those expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Some important factors that could
cause actual results to differ materially from expectations
include, among other things, general economic and market factors,
competition, government regulation and the factors described under
"Risk Factors and Risk Management" in LGC's Management's Discussion
and Analysis for the fiscal year ended September 30, 2016, as
filed on SEDAR (www.sedar.com). The cautionary statements qualify
all forward-looking statements attributable to LGC and persons
acting on its behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release and LGC
has no obligation to update such statements, except to the extent
required by applicable securities laws.
Caution Regarding Press Releases
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE LGC Capital Ltd