Business
LGC Capital Ltd. enters into US $2.34 million convertible loan agreement to fund 2018 expansion
LGC Capital Ltd. enters into US $2.34 million convertible loan agreement to fund 2018 expa...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC Capital Ltd. enters into US $2.34 million convertible loan agreement to fund 2018 expansion\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, Jan. 2, 2018\n\n\n\nMONTREAL, Jan. 2, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce that it has entered into an Investment Agreement with international investors YA II PN, Ltd and Cuart Investments PCC Limited pursuant to which they will loan LGC an aggregate amount of US $2.34 million (approximately CAD $2.94 million).  LGC intends to use the net proceeds from the loan to further advance its core business divisions on its global platform.\n\n\n \n \n\n \nJohn McMullen, CEO of LGC stated: \"We thank London institutional group RiverFort Global Capital for its involvement and financial support of LGC's global initiatives at this exciting time for the Company, as we rapidly expand our cannabis investment businesses.  This funding will further secure LGC's rapidly-developing platforms within the cannabis space.  For a Canadian company to attract additional funding from an international group such as RiverFort speaks volumes for the work accomplished by LGC and our objectives for 2018.\"\n\nThe loan will have a term of twelve months and bear interest at an annual rate of 12%.  LGC will pay the interest on the date on which funds are advanced to it through the issuance of shares to the lenders at a price per share equal to the market price of LGC's shares on the TSX Venture Exchange at the time of the advance.\n\nThe principal amount of the loan will be convertible into LGC common shares at the option of the lenders at a price per share equal to the lesser of (i) US $0.538 (CAD $0.675), representing the US dollar equivalent of 135% of the closing price of LGC's shares on the TSX Venture Exchange on December 29, 2017 (CAD $0.50), and (ii) 90% percent of the lowest daily volume weighted average trading price of LGC's shares during the five trading days immediately prec...