/Not for Distribution in the United States/
MONTRÉAL, Jan. 24, 2019 /CNW
Telbec/ - LGC Capital Ltd. (TSXV: LG) and (OTC-PINK: LGGCF)
("LGC") is pleased to announce that it has received a binding
commitment from Arlington Capital Inc., a private London based investment company for a private
placement of 80,000,000 common shares in the capital of LGC at a
price of $0.10 per share for
aggregate proceeds of $8,000,000.
John McMullen, CEO of LGC Capital
stated: "We are pleased to welcome Arlington Capital as a strategic
investor in our company. This funding significantly boosts our
company's balance sheet, and LGC is now fully funded to complete
all of the cannabis acquisitions announced in 2018. Our focus will
forthwith shift on driving revenues and revenue growth throughout
2019 from our growing footprint of cannabis investments throughout
Canada, Australia, Jamaica and Europe. This funding will also allow LGC the
necessary capital to consider significantly increasing our
ownership in a number of our key investments and pursue new growth
opportunities."
Closing of this non-brokered private placement is subject to
customary closing conditions including, but not limited to,
approval from the TSX Venture Exchange. On closing of the
private placement, LGC will pay a 3% finder's fee to an arms-length
third party. Upon closing of the private placement, Arlington
Capital will become an insider as they will hold a greater than 10%
in LGC and will be entitled to appoint a representative to its
board of directors.
About LGC Capital Ltd. (www.lgc-capital.com)
LGC Capital is a leading cannabis investment firm with a focus
on the Legal Global Cannabis market. Through its growing
portfolio investment companies, LGC is building a vertically
integrated system of interconnected legal cannabis companies with
cultivation, processing and distribution in Canada, Australia, Jamaica, Switzerland, and Italy serving domestic and export markets. LGC
Capital Ltd. is a Canadian incorporated public company listed on
the TSX Venture Exchange (TSXV: LG).
Through its partners and assuming pending transactions under
review by the TSXV are approved, LGC presently will have interests
in over 450,000 square feet of planted cannabis in Jamaica, Switzerland, Italy, and Australia. That is expected to increase to
over 2,100,000 square feet by 2021, as its portfolio companies
execute their expansion plans, in addition to the anticipated
licensing of Tricho-Med's operations in Quebec, Canada.
LGC partners currently sell cannabis products in over 1,000
points of sale across Switzerland
and Italy under the ONE Premium
Cannabis and EasyJoint brands as well as medical cannabis oils in
Australia under the Little Green
Pharma brand. LGC's partners' branded products are available in a
variety of formats including dry cannabis flower, tinctures, oils,
seeds, and beverages.
Notice Regarding Forward Looking Statements
This press release may contain forward-looking statements with
respect to LGC and their respective operations, strategy,
investments, financial performance and condition. These statements
can generally be identified by use of forward- looking words such
as "may", "will", "expect", "estimate", "anticipate", "intends",
"believe" or "continue" or the negative thereof or similar
variations. The actual results and performance of LGC could differ
materially from those expressed or implied by such statements. Such
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations.
Some important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, government regulation and
the factors described under "Risk Factors and Risk Management" in
LGC's Management's Discussion and Analysis for the three and nine
months ended June 30, 2018, as filed
on SEDAR (www.sedar.com). The cautionary statements qualify all
forward-looking statements attributable to LGC and persons acting
on its behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release and LGC
has no obligation to update such statements, except to the extent
required by applicable securities laws.
Caution Regarding Press Releases
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE LGC Capital Ltd