Leisure Canada amends C$20 million investment agreement

    Trading: TSX Venture: LCN

    VANCOUVER, Oct. 16 /CNW/ - Leisure Canada Inc. (the "Company") and the
Dubai-based Profile Group or parties nominated thereby ("Profile") have agreed
to amend the terms and conditions (announced on December 21, 2007) of the C$15
million investment in the Company and the US$5 million investment in the
Company's operating subsidiary, Wilton Properties Limited ("Wilton"). The new
terms will see Profile agree to subscribe for 100 million units of the Company
(the "Units") at a price of C$0.20 per Unit for aggregate proceeds of
C$20,000,000. Each Unit shall be composed of one Class "A" Leisure Canada Inc.
common share plus one-half warrant. Each full warrant shall entitle the holder
to subscribe for one additional share for a period of 48 months after the
closing of the transaction at a price of C$0.30 per share during the first 24
month period, C$0.35 per share for the ensuing 12 month period and C$0.40 per
share for the final 12 month period. At the time of closing, Profile would
hold 64.7% of the issued and outstanding shares of the Company on a
non-diluted basis.
    MAC Capital Limited, an Investment Bank, and Killik & Co (Middle East&
Asia) LLP, a financial services advisory group, both operating from the Dubai
International Financial Centre and authorized by the Dubai Financial Services
Authority, were joint advisors to Leisure Canada in this transaction.
    Amending the transaction became necessary because of changing market
conditions and the Company determined that simplifying the terms would be the
most equitable solution for the shareholders. The completion of the
transaction is subject to all necessary regulatory and shareholder approvals.
    Mr. Hanif Patel, the Chairman of the Profile Group commented, "In
becoming the largest shareholder of Leisure Canada, Profile is making a
serious commitment to advancing the goals of the Company. We are pleased that
this transaction is entering the closing phases and we look forward to
building a strong and significant international brand."
    International financier and Chairman of Leisure Canada, Mr. Walter
Berukoff, added, "We have reached across the world and found the best partners
with whom to create a global brand comprising superior real estate projects. I
stand with all shareholders in recognizing the tremendous accretive value of
aligning ourselves with a vertically integrated real-estate developer that
brings considerable technical experience."

    Leisure Canada is a leading developer of luxury resorts in Cuba, with
multiple properties currently under development, including five-star hotels
and championship golf courses.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: JJ Jennex, Investor Relations Director,
Telephone: (604) 990-9599 or 1-888-600-8687, E-mail: info@leisurecanada.com

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