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LGC Capital Ltd. completes $3 million private placement
LGC Capital Ltd. completes $3 million private placement Canada NewsWire MONTREAL...
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[{"type":"text","content":"\n\n\n\nLGC Capital Ltd. completes $3 million private placement\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Sept. 12, 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, Sept. 12, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: QBA) (\"LGC\") is pleased to announce that it completed its previously-announced private placement by issuing 3,693,840 units for gross proceeds of $369,384 at a second closing held today.  Of these, a director and senior officer of LGC subscribed for 1,443,840 units ($144,384).\n\nAs a result, LGC raised the maximum amount of $3 million in the private placement by issuing an aggregate of 30 million units, each comprised of one common share and one common share purchase warrant; each warrant entitles 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.\n\nAs previously announced, LGC will use the net proceeds from the private placement to assist with the funding of LGC's new joint venture with AfriAg (Pty) Ltd and the investment by the joint venture in the House of Hemp (Pty) Ltd in South Africa.  The net proceeds may also be used for new medical cannabis investment opportunities elsewhere in southern Africa and in the Asia Pacific Region.\n\nAt the second closing, LGC paid a cash commission to a securities dealer in an amount of $6,000, representing 8% of the proceeds from the sale of units sold through such dealer. In addition, LGC issued 60,000 \"broker warrants\" to such dealer, representing an amount equal to 8% of the number of units sold through it.  Each of the broker warrants will entitle the holder to purchase one additional LGC common share at a price of $0.10 for a period of six months from the closing date of the private placement.\n\nThe securities issued at the second closing are subject to a \"hold period\" which expires on January ...