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LGC Capital Ltd. raises $3 million at first closing of private placement
LGC Capital Ltd. raises $3 million at first closing of private placement Canada Ne...
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[{"type":"text","content":"\n\n\n\nLGC Capital Ltd. raises $3 million 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, Dec. 1, 2017\n\n\n\nLGC Capital Ltd. Symbol: TSX-V: LG\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n \n\n\n\nMONTREAL, Dec. 1, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce that it has raised gross proceeds of $2,980,773 at a first closing of its previously-announced private placement by issuing 19,871,822 units at a price of $0.15 per unit. LGC expects to hold a final closing for the balance of 5,647,326 units ($847,099) by Wednesday, December 6, which will bring the total amount raised in the private placement to $3,827,872. The units were sold to \"accredited investors\" in Canada and internationally.\n\n\n \n \n\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 $0.25 for a period of 18 months from the closing date of the private placement. In the event that the volume weighted average trading price of LGC's shares on the TSX Venture Exchange for a period of ten consecutive trading days is at least $0.30, LGC will be entitled to send a notice to the holders of the warrants accelerating the expiry date of the warrants to a date not less than 30 days after the date of such notice.\n\nAs previously announced, LGC will use the net proceeds from the private placement to meet its obligations within LGC's current cannabis investment portfolio and for working capital.\n\nAt the first closing, LGC paid cash commissions to various securities dealers in an aggregate amount of $127,624, representing 5% of the proceeds from the sale of units sold through such dealers.  In addition, LGC issued an aggregate of 850,828 \"broker warrants\" to such dealers, representing an amount equal to 5% of the number of units sold thro...