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LGC Capital Ltd. announces $1,555,000.00 private placement to advance the company's medical cannabis initiatives
LGC Capital Ltd. announces $1,555,000.00 private placement to advance the company's medica...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC Capital Ltd. announces $1,555,000.00 private placement to advance the company's medical cannabis initiatives\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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Aug. 18, 2017\n\n\n\nSymbol: TSX-V: QBA\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nMONTREAL, Aug. 18, 2017 /CNW/ - LGC Capital Ltd. (TSXV: QBA) (\"LGC\") is pleased to announce that it has received 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. To date, LGC has received signed subscription agreements and subscription funds for an aggregate amount of $1,555,000, which represents 15,550,000 units. Of that amount, senior management is contributing $300,000. LGC expects that a first closing of the private placement will take place on or about August 24, 2017.\n\nJohn McMullen, LGC's CEO, comments: \"LGC will use the net proceeds from this private placement to advance the Company's new initiatives in the global medical cannabis sector and for general working capital purposes. In particular, some of the capital raised will be used to assist with the funding of our new joint venture with AfriAg (Pty) Ltd and our recent investment in the House of Hemp (Pty) Ltd in South Africa. 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 noti...