MONTRÉAL, Jan. 28, 2019 /CNW
Telbec/ - LGC Capital Ltd. (the "Corporation" or
"LGC") (TSXV: LG) has delayed the filing of its audited
annual financial statements for the year ended September 30, 2018, its related Management's
Discussion and Analysis, and the Chief Executive Officer and Chief
Financial Officer certifications (the "Required Filings").
The Corporation anticipates to be in a position to file the
Required Filings no later than February 15,
2019.
Many of LGC's investments are in the form of convertible
debentures and net sales royalties in private cannabis
companies. The principle reason behind the Corporation's
delay in meeting its reporting deadline can be directly
attributable to the complexities of establishing the fair values
under IFRS of these financial instruments in respect to the these
private cannabis companies.
The Corporation's Required Filings will be made as soon as the
Board of Directors has approved the financial statements and its
auditors have delivered their final audit report.
Application for Management Cease Trade Order
The Corporation has made an application to the Autorité des
marchés financiers for a management cease trade order
("MCTO"), which would restrict all trading in securities of
the Corporation, whether direct or indirect, by the Chief Executive
Officer, Chief Financial Officer and directors of the Corporation.
There is no guarantee that an MCTO will be granted. The issuance of
an MCTO does not generally affect the ability of persons who are
not executive officers or directors of LGC to trade in securities
of the Corporation.
If the MCTO is granted, the Corporation intends to comply with
the provisions of the alternative information guidelines as set out
in the Policy Statement 12-203 respecting Management Cease Trade
Orders for as long as it remains in default, including the
issuance of bi-weekly default status reports, each of which will be
issued in the form of a news release. The Corporation will also
continue to disclose any other material information concerning its
affairs and ongoing business activities.
About LGC
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 Australia, Jamaica, Switzerland, Italy, and Canada serving domestic and export markets.
LGC Capital Ltd. is a Canadian incorporated public company listed
on the TSX Venture Exchange.
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.
Neither the TSX Venture Exchange nor its Regulation Services
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