MONTREAL, July 12, 2019 (GLOBE NEWSWIRE) -- LGC Capital Ltd. (TSX-V: LG / OTCQB: LGGCF)
LGC Capital Ltd. (“LGC” or the “Company”), has been advised that it has been served by Trichomed Corporation ("Trichomed") with a motion for a declaratory judgement whereby Trichomed is seeking the cancellation of the convertible debenture (the "Debenture") it entered into with the Company in December of 2017 and to repay the entire amount advanced by LGC representing four million dollars plus the interest accrued thereon. Under the terms of the Debenture, upon Trichomed receiving its license to cultivate cannabis from Health Canada, the loan amount shall be converted into that number of common shares of Trichomed equivalent to 49% of Trichomed's capital on a fully diluted basis together with a 5% net sales royalty on all of Trichomed's future revenues.
Mazen Haddad, CEO stated, “We believe that this action from Trichomed is without merit and LGC is well within its rights to continue to hold its position with its investment in Trichomed while we await approval from Health Canada. We are confident that we will resolve this matter as quickly as possible and in the best interest of our shareholders.”
For further information, please contact:
John McMullen, President
Tel: (416) 803-0698
Mark Shinners, Chief Financial Officer
Tel: +44 7827 960971
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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 most recent Discussion and Analysis 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 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.
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