Business
LGC Capital Completes US$2.34 Million Convertible Loan Transaction to Fund Business Expansion
LGC Capital Completes US$2.34 Million Convertible Loan Transaction to Fund Business Expans...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC Capital Completes US$2.34 Million Convertible Loan Transaction to Fund Business Expansion\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Feb. 8, 2018\n\n\n\nSymbol: TSX-V: LG\n\n\n\nMONTREAL, Feb. 8, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce that it has now completed its previously-announced transaction with international investors YA II PN, Ltd and Cuart Investments PCC Limited pursuant to which they loaned an aggregate amount of US $2.34 million (approximately CAD $2.94 million) to LGC at a closing held today.\n\n\n \n \n\n \nJohn McMullen, LGC Capital's CEO commented; \"LGC intends to use these proceeds to further advance its core business divisions on its global platform and seek new acquisitions and investment opportunities that are synergistic with LGC's current focus.\"\n\nThe loan has a term of twelve months and bears interest at an annual rate of 9.5%, payable quarterly in arrears.  The principal amount of the loan is convertible into LGC common shares at the option of the lenders at a price per share equal to the lesser of (i) US $0.538 (CAD $0.675), representing the US dollar equivalent of 135% of the closing price of LGC's shares on the TSX Venture Exchange on December 29, 2017 (CAD $0.50), and (ii) 90% of the lowest daily volume weighted average trading price of LGC's shares during the five trading days immediately preceding the date of a conversion notice from the lenders, subject to a minimum conversion price of CAD $0.50.\n\nAt closing, LGC issued an aggregate of 1,643,764 common share purchase warrants to the two lenders, representing an amount equal to 25% of the dollar amount of the loan divided by CAD $0.4465, being the volume weighted average trading price of LGC's shares during the five trading days ended December 29, 2017.  Each warrant entitles its holder to acquire one common share of LGC at a price of CAD $0.70, representing 140% of LGC's closing price ...