On September 12, 2017, LGC Capital Ltd. (LGC), a company listed on the TSX Venture Exchange, completed a private placement by issuing a total of 30,000,000 units at a price of $0.10 per unit, for total proceeds to LGC of $3,000,000. Each 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.
LGC intends to 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.
LGC’s objective is to become a diversified business group with core business divisions that provide shareholders with exposure to a diverse range of businesses, products and services.
Fasken Martineau’s Neil Wiener and Guillaume Saliah acted as legal counsel to LGC in connection with the private placement.