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Itasca Capital Files Third Quarter Financial Statements for the Period Ended September 30, 2019 and Closing of Previously Announced Distribution and Redemption Agreement with 1347 Investors LLC
Itasca Capital Files Third Quarter Financial Statements for the Period Ended September 30,...
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[{"type":"text","content":"\n\n\n\nItasca Capital Files Third Quarter Financial Statements for the Period Ended September 30, 2019 and Closing of Previously Announced Distribution and Redemption Agreement with 1347 Investors LLC\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\nVANCOUVER, Nov. 19, 2019\n\n\n\nVANCOUVER, Nov. 19, 2019 /CNW/ - Itasca Capital Ltd. (TSX-V: ICL) (\"Itasca\" or \"Company\") today filed its unaudited interim financial statements for the nine months ended September 30, 2019 and the related management discussion & analysis, both of which are available under Itasca's profile on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless indicated otherwise.\nThe Company reported net loss attributable to common shareholders of $0.7 million, or $0.03 loss per share in the third quarter of 2019, primarily due to $0.8 million unrealized loss on the Company's investment in 1347 Investors LLC, partially reduced by foreign exchange gain of $0.1 million. Itasca reported net loss attributable to common shareholders of $1.1 million, or $0.05 loss per share in the third quarter of 2018.\nAs of September 30, 2019, Itasca reported total shareholders' equity of $13.6 million with a book value per share of $0.62 based on the 21,810,626 issued and outstanding common shares.\nItasca also announced the closing of its previously announced Distribution and Redemption Agreement (\"Agreement\") with 1347 Investors LLC (\"1347\"). Itasca invested US$10 million in Class A interests of 1347 in July 2016 and has already received a US$4 million cash distribution from 1347 in February 2018. Pursuant to the terms of the Agreement, Itasca received approximately US$9 million cash, 61,770 common shares of Limbach Holdings Inc. (Nasdaq: LMB), and 154,333 $11.50 exercise price warrants of Limbach Holdings Inc. as part of final distribution from 1347 to its investors.\nManagement Comments:Larry G. Swets, Jr., Chief Executive Officer and Director, stated, \"We are pleased to close the final monetization of our investment in 1347 Investors LLC, which will provide us significant...