LGC Capital provides second default status report
MONTRÉAL, Feb. 25, 2019 /CNW Telbec/ - LGC Capital Ltd. (the "Corporation" or "LGC") (TSXV: LG) is providing this second bi-weekly default status report in accordance with Policy Statement 12-203 respecting Management Cease Trade Orders ("Policy Statement 12-203"). On January 25, 2019, the Corporation announced (the "Default Announcement") that, for the reasons set out in the Default Announcement, the filing of the Corporation's audited annual financial statements, related management's discussion and analysis, and accompanying CEO and CFO certifications for the financial year ended September 30, 2018 (collectively, the "Required Filings") would not be completed by the prescribed period for the filing of such documents.
As a result of this delay in the filing of the Required Filings, the Autorité des marchés financiers (the "AMF"), as principal regulator, granted a management cease trade order (the "MCTO") on January 29, 2019 against the Corporation's Chief Executive Officer, Chief Financial Officer and directors, as opposed to a general cease trade order against the Corporation. The MCTO prohibits all trading in securities of the Corporation, whether directly or indirectly, by the Corporation's Chief Executive Officer, Chief Financial Officer and directors. 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.
LGC's Board of Directors and management confirm that they have been working expeditiously to meet the Corporation's obligations relating to the filing of the Required Filings and that the audit is on-going and nearing completion. The Corporation expects to be in a position to file the Required Filings within the next few days.
Pursuant to the provisions of the alternative information guidelines specified in Policy Statement 12-203, the Corporation reports that since the Default Announcement:
- There have been no material changes to the information contained in the Default Announcement;
- There have been no failures by the Corporation to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines;
- There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
- There is no other material information respecting the Corporation's affairs that has not been generally disclosed.
Until the Required Filings have been filed, the Corporation intends to continue to satisfy the provisions of the alternative information guidelines specified in Policy Statement 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Corporation would file, to the extent applicable, its next default status report on or about March 11, 2019.
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