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LGC Capital Ltd. Raises $2,630,616 at First Closing of Private Placement
LGC Capital Ltd. Raises $2,630,616 at First Closing of Private Placement Canada Ne...
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[{"type":"text","content":"\n\n\n\nLGC Capital Ltd. Raises $2,630,616 at First Closing of 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Sept.11, 2017\n\n\n\nNot for distribution to United States newswire services or for dissemination in the United States\n\nSymbol: TSX-V: QBA\n\n\n\nMONTREAL, Sept.11, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: QBA) (\"LGC\") is pleased to announce that it has raised gross proceeds of $2,630,616 at a first closing of its previously-announced private placement by issuing 26,306,160 units at a price of $0.10 per unit. LGC expects to hold a final closing for the balance of 3,693,840 units ($369,384) by Wednesday, September 13, which will bring the total amount raised in the private placement to the previously-announced maximum of $3 million.  The units were sold to \"accredited investors\" in Canada and internationally; LGC's senior management and directors subscribed for an aggregate of 3,355,900 units ($335,590).\n\nEach of the units is 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.  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 notice in prescribed form to the holders of the warrants.\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 first closing, LGC paid cash commissions to various securities dealers in...