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MONTRÉAL, May 16, 2019 (GLOBE NEWSWIRE) -- LGC Capital Ltd. (TSXV: LG) (OTCQB: LGGCF) ("LGC" or the “Corporation”) announces that it will be applying to the TSX Venture Exchange (the “TSX-V”) for approval to extend the expiry date of an aggregate of 24,871,822 outstanding common share purchase warrants (the “Warrants”) that were issued in connection with a private placement which closed in December 2017, as further described in LGC’s press releases dated December 1 and December 7, 2017.
Each Warrant entitles the holder thereof to purchase one common share in the capital of the Corporation at an exercise price of $0.25 per share. A total of 19,871,822 of the Warrants currently have an expiry date of June 1, 2019, and 5,000,000 of the Warrants currently have an expiry date of June 7, 2019. The Corporation is proposing to extend the expiry date of all of the Warrants to December 1, 2019.
All other terms of the Warrants will remain the same, including the acceleration option which allows the Corporation to accelerate the expiry date of the Warrants to a date which is 30 days following the date of an acceleration notice in the event that the volume weighted average trading price of LGC’s common shares is at least $0.30 for a period of ten consecutive trading days.
The proposed extension of the expiry date of the Warrants is subject to approval by the TSX-V.
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