MONTRÉAL, Jan. 30, 2019 /CNW
Telbec/ - LGC Capital Ltd. (the "Corporation" or
"LGC") (TSXV: LG) announces that its principal regulator,
the Autorité des marchés financiers (the "AMF"), has
accepted the Corporation's request for, and the AMF has granted, a
management cease trade order (the "MCTO"). As
previously announced on January 28,
2019, the application for the MCTO was made by the
Corporation due to a delay in the filing of the Corporation's
annual audited financial statements for the financial year ended
September 30, 2018, the accompanying
management's discussion and analysis and the related CEO and CFO
certifications (collectively, the "Required Filings").
The MCTO restricts all trading in securities of the Corporation,
whether direct or indirect, by the Chief Executive Officer, the
Chief Financial Officer and the directors of the Corporation until
such time as the Required Filings have been filed by the
Corporation and the MCTO has been lifted. The MCTO does not affect
the ability of shareholders who are not insiders of the Corporation
to trade their securities. However, the applicable Canadian
securities regulatory authorities could determine, in their
discretion, that it would be appropriate to issue a general cease
trade order against the Corporation affecting all of the securities
of the Corporation.
As previously announced, the Corporation was not in a position
to timely file the Required Filings. LGC's board of directors
and its management confirm that they are working expeditiously to
meet the Corporation's obligations relating to the filing of the
Required Filings, and the Corporation continues to expect to file
the Required Filings no later than February
15, 2019.
During the MCTO, the Corporation confirms that it will comply
with the provisions of the alternative information guidelines set
out in 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 also confirms
that there is no other material information concerning the affairs
of the Corporation that has not been generally disclosed as of the
date of this press release.
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