UPDATE: LGC Capital Ltd. Closes Financing With Arlington Capital and Retains Renmark Financial Communications Inc.
MONTRÉAL, May 31, 2019 (GLOBE NEWSWIRE) -- LGC Capital Ltd. (TSX-V: LG / OTCQB: LGGCF) is pleased to announce that it has closed its previously announced financing with Arlington Capital and has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities.
“We are pleased to announce that we have selected Renmark to reinforce LGC Capital Ltd.'s profile in the financial community and enhance the visibility of our company. We choose Renmark because its standards and methodologies fit best with the message, we wish to communicate to the investing public,” noted John McMullen, President.
In consideration of the services to be provided, the monthly fees incurred by LGC Capital Ltd. will be a cash consideration of up to $8,000 CAD, starting June1st, 2019 for a period of six months ending on November 30th, 2019 and monthly thereafter.
Renmark Financial Communications does not have any interest, directly or indirectly, in LGC Capital Ltd. or its securities, or any right or intent to acquire such an interest.
LGC is also pleased to announce that is has closed the final tranche of its previously announced financing with Arlington Capital (please refer to LGC’s press releases dated April 25 and May 2, 2019). Pursuant to the private placement, Arlington Capital has fully subscribed for a total of 104,000,000 common shares of LGC at a price of $0.10 per share. As a result of this private placement, Arlington Capital is LGC’s largest single shareholder holding 19.97% of LGC’s issued and outstanding common shares. There were no warrants with this financing. Use of proceeds are to accelerate LGC’s group of companies’ business plan for the current calendar year. As previously announced, on closing of the private placement, LGC will pay a 3% finder's fee to an arms-length third party, said fee to be paid in common shares of LGC at an issue price of $0.10 per share. All shares issued by LGC are subject to a hold period of four months and one day from the date of issuance. In accordance with the terms of the private placement, LGC has appointed an Arlington Capital representative to LGC’s board of directors in the person of Mr. Ferras Zalt who is now chairman of LGC’s board of directors.
For further information, please contact:
John McMullen, President
Tel: (514) 788-1499
Renmark Financial Communications Inc.
Melanie Barbeau:
Media – Kellie Coppin:
Tel: (416) 644-2020 or (514) 939-3989
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.
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 and Easyjoint 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 months ended December 31, 2018, as filed on SEDAR (). 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 neither LGC nor Freia has any obligation to update such statements, except to the extent required by applicable securities laws. 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.
