Le Lézard
Classified in: Business
Subjects: FNC, ECO

LGC Capital to issue shares in payment of two debts


Symbol: TSX-V: QBA

MONTREAL, Sept, 5, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: QBA) ("LGC") announces that it has reached an agreement to issue an aggregate of 1,230,468 common shares in settlement of two debts in an aggregate amount of $124,585 (the "Debt Settlement").  The debts are with, respectively, an insider of LGC and a company for which such insider serves as Finance Director and Corporate Secretary.

The Board of Directors and Management of LGC Capital believe that the Debt Settlement is in the best interests of LGC as it will help LGC preserve its cash position. The common shares to be issued pursuant to the Debt Settlement will be issued at a deemed price of $0.10125 per share and will be subject to a four-month hold period pursuant to applicable securities regulations and the policies of the TSX Venture Exchange.

The Debt Settlement is considered a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Debt Settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as LGC's securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the common shares to be issued in the Debt Settlement nor of the services provided in connection with the two debts which are the subject of the Debt Settlement exceeds 25% of LGC's market capitalization.

The Debt Settlement is subject to regulatory approval, including that of the TSX Venture Exchange.

About LGC (http://www.lgc-capital.com)
LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: QBA).  LGC Capital'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, many of which have some exposure to high growth Cuban business opportunities and some that have no exposure to Cuba at all.  LGC Capital now plans to enter into the agricultural space in southern Africa through its new joint venture with AfriAg.

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


These press releases may also interest you

at 04:25
Ademi LLP is investigating Doma  for possible breaches of fiduciary duty and other violations of law in its transaction with Title Resources Group. ...

at 04:00
U Power Limited (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that the Company held an extraordinary general meeting of...

at 04:00
Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones. ...

at 04:00
Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against The Chemours Company ("Chemours" or "the Company") and certain of its officers....

at 03:57
WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of those who held the common stock of Northern Genesis Acquisition Corp. n/k/a The Lion Electric Company as of the record date of March...

at 03:44
Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR). "Understanding how our users interact with BTR is...



News published on and distributed by: