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LGC Capital Increases Size of Oversubscribed Private Placement Financing and Provides Update on Quebec Cannabis Investment
LGC Capital Increases Size of Oversubscribed Private Placement Financing and Provides Upda...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC Capital Increases Size of Oversubscribed Private Placement Financing and Provides Update on Quebec Cannabis Investment\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Nov. 21, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nMONTREAL, Nov. 21, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to provide an update on LGC's previously-announced private placement financing and its proposed investment in new Quebec cannabis-focused AAA Trichomes.\n\n\n \n \n\n \nPrivate Placement Financing – Over Subscribed\n\nLGC is pleased to announce that in light of very heavy demand, it has decided to increase the maximum amount of its previously-announced private placement by 62% to CDN $3.25 million. On November 16, 2017, LGC announced a private placement of units in a maximum amount of CDN $2 million. Closing of the private placement is scheduled to take place this week. LGC has increased the financing amount to pursue further cannabis growth opportunities globally currently under consideration.\n\nAAA Trichomes – Quebec, Canada\n\nThe previously-announced closing date for the proposed transaction with Tricho-Med Corporation, doing business as AAA Trichomes (\"AAA Trichomes\"), has been revised from November 24 to November 29, 2017.\n\nAs announced on October 31, 2017, LGC signed an option to acquire a 49% interest in Quebec-based AAA Trichomes, plus a 5% royalty on its net sales. AAA Trichomes is planning to build a significant new cannabis processing facility in the Province of Quebec.\n\nAll parties are working diligently and LGC is pleased with the progress made to date on this proposed transaction. The parties have mutually agreed to extend the deal closing date to allow for completion of the due diligence review and obtaining the necessary regulatory approvals, including that of the TSX Venture Exchange.\n\nJohn McMullen, CEO of LGC states, \"We are pleased with the size and...