MONTREAL, Dec. 23, 2016 /CNW Telbec/ - Jeremy Edelman announces that on November 28, 2016, he sold 350,000 common shares of LGC Capital Ltd. (the "Corporation") (TSXV: QBA) through the facilities of the TSX Venture Exchange at a price of $0.042 per share for proceeds of $14,700, and that on December 7, 2016, a stock option in respect of 2,000,000 common shares of the Corporation held by Mr. Edelman was cancelled by mutual agreement of Mr. Edelman and the Corporation.
Immediately prior to the transactions described above, Jeremy Edelman held 23,747,457 common shares of the Corporation, representing approximately 10.15% of the issued and outstanding common shares, and a stock option in respect of 2,000,000 common shares of the Corporation. Assuming the exercise of the stock option held by Mr. Edelman, he would have held 25,747,457 common shares of the Corporation, representing approximately 10.91% of the common shares of the Corporation that would have then been issued and outstanding.
Immediately after the transactions described above, Mr. Edelman holds 23,397,457 common shares of the Corporation, representing approximately 9.99% of the issued and outstanding common shares, and no stock options.
As a result of the transactions described above, Mr. Edelman's shareholdings in the Corporation decreased to approximately 9.99% from approximately 10.15%.
Mr. Edelman sold the 350,000 common shares of the Corporation at a price of $0.042 per share for proceeds of $14,700. Mr. Edelman did not receive any consideration for the cancellation of the stock option. The exercise price of the stock option was $0.2325 per share and its expiry date was December 31, 2020.
In accordance with applicable securities laws, Mr. Edelman may, from time to time and at any time, acquire additional common shares of the Corporation and/or other equity, debt or other securities or instruments (collectively, "Securities") of the Corporation in the open market or otherwise, and he reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Corporation and other relevant factors.
A copy of an early warning report filed by Mr. Edelman in connection with the transactions described above is available on SEDAR under the Corporation's profile. This news release is issued under the early warning provisions of Canadian securities legislation.
SOURCE LGC Capital Ltd
For further information: To obtain a copy of the early warning report filed by Jeremy Edelman, please contact: Sébastien Bellefleur, Fasken Martineau DuMoulin LLP, 800 Square Victoria, Suite 3700, Montreal, Québec, H4Z 1E9, Telephone: (514) 397-7445