Symbol: TSX-V: LG
MONTREAL, July 3, 2018 /CNW Telbec/ - LGC Capital
Ltd. (TSXV: LG) ("LGC") The Company is pleased to report
Tricho-Med's progress at site for phase 1 of building their 34,000
square feet, multi-level, GMP growing facility.
Tricho-Med is advancing their phase 1 facility as their turn-key
operators move forward in pouring concrete foundations. All
additional construction parties are ready to move to site to
complete the turn-key build of the GMP facility by Fall 2018.
At completion, the facility will include air-tight,
controlled atmosphere flowering chambers and processing facilities
for extraction compliant with GMP standards. Tricho-Med Also
plans to increase scale of operations. With 40 acres of land
secured in Brownsburg, and
near-term confirmation of power from Hydro Quebec, LGC and
Tricho-Med management teams are secure that their plan to build
this facility will have a positive impact for both
companies.
John McMullen, CEO of LGC
stated, "With Canada to finalize legalization it will finally
provide all Canadian Medical Cannabis companies a legal platform to
create broad lines of products for the global cannabis consumer to
improve their quality of life. By combining our efforts, LGC
and Tricho-Med will deliver safe and secure products to both
domestic and international markets. We are very pleased with
the rapid advancements Tricho-Med has achieved to date and look
forward to a successful completion of the build followed by
expansion."
LGC invested into Tricho-Med through a four-year secured
convertible loan agreement with in the amount of CAD $4
million, which is being disbursed in accordance with pre-agreed
milestones and related disbursement schedules. Interest on
the Loan is fixed at an annual rate of 10% which will be payable
from available operational cash flow. Upon Tricho-Med obtaining a
license to produce Medical Cannabis from the relevant regulatory
authorities, the loan will convert into common shares of
Tricho-Med, representing 49% of then-issued and outstanding shares.
LGC will also receive a 5% royalty on Tricho-Med's net
sales.
About LGC (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 with an emphasis
on significant investments in global medical cannabis sector.
Information Relating to Tricho-Med Corporation
("Tricho-Med")
All information contained in this press release relating to
Tricho-Med has been provided to LGC by Tricho-Med. LGC has
relied upon this information without having made independent
inquiries as to its accuracy or completeness and assumes no
responsibility for any inaccuracy or incompleteness of such
information.
FORWARD-LOOKING STATEMENTS
This press release may
contain forward-looking statements with respect to LGC Capital Ltd.
("LGC") and Global Canna Labs (GCL), and their respective
operations, strategy, investments, financial performance and
condition. 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 and GCL 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, 2017, 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
neither LGC nor GCL has any 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