Business
LGC Capital Increases Capital Raise to $2.4 Million to Fund Medical Cannabis Expansion Plans
LGC Capital Increases Capital Raise to $2.4 Million to Fund Medical Cannabis Expansion Pla...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC Capital Increases Capital Raise to $2.4 Million to Fund Medical Cannabis Expansion Plans\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, Aug. 24, 2017\n\n\n\nMONTREAL, Aug. 24, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: QBA) (\"LGC or \"LGC Capital\") is pleased to advise that the Company has now received additional signed subscription agreements and subscription funds increasing the aggregate total amount raised to $2,410,000, which represents 24,100,000 units. Of that amount, senior management is contributing $300,000.  \n\nLGC has conditional approval from the TSX Venture Exchange for a private placement of a maximum of 30,000,000 units at a price of $0.10 per unit, for maximum gross proceeds to LGC of $3.0 million. The Exchange has set the closing date to be on or before September 1, 2017.\n\nJohn McMullen, CEO of LGC Capital comments; \n\n\"On behalf of LGC we would like to thank those who have invested into the Company and recognize the potential of our new global medical cannabis initiatives.  Our partners at AfriAg and House of Hemp are working tirelessly to advance our existing opportunities in South Africa. As stated previously, a proportion of this new funding will also be channeled towards seeking new medical cannabis investment opportunities elsewhere in southern Africa and in the Asia Pacific Region.\"\n\nEach 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 $0.15 for a period of one year from the closing date. In the event that the closing price of LGC's common shares on the TSX Venture Exchange is at least $0.20 for a period of not less than 20 consecutive trading days, 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.\n\nThe units are being offered to \"accredited investors\" in some or all of the provinces of Canada and in other jurisdictions, if any, det...