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LGC Capital Increases Strategic Interest in Australian Medical Cannabis Company - Little Green Pharma
LGC Capital Increases Strategic Interest in Australian Medical Cannabis Company - Little G...
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[{"type":"text","content":"\n\n\n\nLGC Capital Increases Strategic Interest in Australian Medical Cannabis Company - Little Green Pharma\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. 15, 2018\n\n\n\nLGC Capital Ltd.Symbol: TSX-V: LG\n\n\n\nMONTREAL, Feb. 15, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce that it yesterday completed its previously-announced transaction with licenced Australian Medical Cannabis company Habi Pharma Pty Ltd of Perth, Australia, doing business as Little Green Pharma (\"Little Green Pharma\"), whereby LGC increased its strategic interest in Little Green Pharma to 14.99% from 11.91%.\n\n\n \n \n\n \nJohn McMullen, CEO of LGC commented, \"We are very much looking forward to Little Green Pharma cultivating its first crop over the coming months and producing its first medical cannabis products for commercial sale in Australia.  The funding provided by LGC over the past few months has provided Little Green Pharma with working capital to enable it to start its first commercial production.  LGC's objective is to fund many of our other investment initiatives around the world to achieve the same goal over the coming year.\"\n\nAt closing, Little Green Pharma issued 2,283,495 additional shares to LGC at a deemed issue price of AUD $1.16398 per share for a total consideration of approximately AUD $2,657,950.  LGC paid for the shares by issuing 5,000,000 LGC shares to Little Green Pharma at a deemed issue price of CAD $0.53 per share, representing the closing price of LGC's shares on the TSX Venture Exchange on January 19, 2018, for a total consideration of CAD $2,650,000, equivalent to AUD $2,679,150 based on the Bank of Canada exchange rate on February 14, 2018.  The 5,000,000 LGC shares are subject to a \"hold period\" which expires on June 15, 2018.\n\nThe subscription agreement entered into by LGC and Little Green Pharma at closing contains an undertaking by LGC to participate in Little Green Pharma's next capital raise, by June&...