MONTRÉAL, Feb. 11, 2019 /CNW Telbec/ - LGC Capital
Ltd. (the "Corporation" or "LGC") (TSXV: LG) is
providing this bi-weekly default status report in accordance with
Policy Statement 12-203 respecting Management Cease Trade
Orders ("Policy Statement 12-203"). On January 25, 2019, the Corporation announced (the
"Default Announcement") that, for the reasons set out in the
Default Announcement, the filing of the Corporation's audited
annual financial statements, related management's discussion and
analysis, and accompanying CEO and CFO certifications for the
financial year ended September 30,
2018 (collectively, the "Required Filings") would not
be completed by the prescribed period for the filing of such
documents.
As a result of this delay in the filing of the Required Filings,
the Autorité des marchés financiers (the "AMF"), as
principal regulator, granted a management cease trade order (the
"MCTO") on January 29, 2019
against the Corporation's Chief Executive Officer, Chief Financial
Officer and directors, as opposed to a general cease trade order
against the Corporation. The MCTO prohibits all trading in
securities of the Corporation, whether directly or indirectly, by
the Corporation's Chief Executive Officer, Chief Financial Officer
and directors. The MCTO does not affect the ability of shareholders
who are not insiders of the Corporation to trade their securities.
However, the applicable Canadian securities regulatory authorities
could determine, in their discretion, that it would be appropriate
to issue a general cease trade order against the Corporation
affecting all of the securities of the Corporation.
LGC's Board of Directors and management confirm that the audit
is on-going and that they are working expeditiously to meet the
Corporation's obligations relating to the filing of the Required
Filings. The Corporation now expects to be in a position to file
the Required Filings within the next two weeks.
Pursuant to the provisions of the alternative information
guidelines specified in Policy Statement 12-203, the Corporation
reports that since the Default Announcement:
- There have been no material changes to the information
contained in the Default Announcement;
- There have been no failures by the Corporation to fulfill its
stated intentions with respect to satisfying the provisions of the
alternative reporting guidelines;
- There has not been, nor is there anticipated to be, any
specified default subsequent to the default which is the subject of
the Default Announcement; and
- There is no other material information respecting the
Corporation's affairs that has not been generally disclosed.
Until the Required Filings have been filed, the Corporation
intends to continue to satisfy the provisions of the alternative
information guidelines specified in Policy Statement 12-203 by
issuing bi-weekly default status reports in the form of further
press releases, which will also be filed on SEDAR. The Corporation
would file, to the extent applicable, its next default status
report on or about February 25,
2019.
About LGC
LGC Capital is a leading cannabis investment firm with a focus
on the Legal Global Cannabis market. Through its growing
portfolio investment companies, LGC is building a vertically
integrated system of interconnected legal cannabis companies with
cultivation, processing and distribution in Australia, Jamaica, Switzerland, Italy, and Canada serving domestic and export markets.
LGC Capital Ltd. is a Canadian incorporated public company listed
on the TSX Venture Exchange.
Through its partners and assuming pending transactions under
review by the TSXV are approved, LGC presently will have interests
in over 450,000 square feet of planted cannabis in Jamaica, Switzerland, Italy, and Australia. That is expected to increase to
over 2,100,000 square feet by 2021, as its portfolio companies
execute their expansion plans, in addition to the anticipated
licensing of Tricho-Med's operations in Quebec, Canada.
LGC partners currently sell cannabis products in over 1,000
points of sale across Switzerland
and Italy under the ONE Premium
Cannabis and EasyJoint brands as well as medical cannabis oils in
Australia under the Little Green
Pharma brand. LGC's partners' branded products are available in a
variety of formats including dry cannabis flower, tinctures, oils,
seeds, and beverages.
Neither the TSX Venture Exchange nor its Regulation Services
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