Symbol: TSX-V: LG
MONTREAL, Dec. 11, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) ("LGC") announces that on December 8, 2017, its Board of Directors granted an aggregate of 5,250,000 stock options to six of LGC's directors and officers. The stock options have an exercise price of $0.36, representing the closing price of LGC's shares on the TSX Venture Exchange on December 7, 2017, and a term of ten years. The stock options were granted under LGC's 2016 Stock Option Plan.
LGC also announces that its Board of Directors amended the 2016 Stock Option Plan on December 8, 2017 so as to increase the number of shares that can be issued thereunder to 58,946,726 shares, equal to 20% of the 294,733,632 common shares of LGC issued and outstanding following the recent completion by LGC of its $3.73 million private placement. The increase represents 12,137,661 additional common shares. The amendment to the 2016 Stock Option Plan is subject to approval of the TSX Venture Exchange and to shareholder approval, which LGC intends to seek at its next annual meeting.
Following the amendment to the 2016 Stock Option Plan, the Board of Directors of LGC granted an aggregate of 9,750,000 additional stock options to six of LGC's directors and officers. These additional stock options also have an exercise price of $0.36 and a term of ten years and were granted under LGC's 2016 Stock Option Plan, as amended. The 9,750,000 stock options may not be exercised until such time, if any, as LGC acquires approval from the TSX Venture Exchange and shareholder approval for the amendment to the 2016 Stock Option Plan described in this press release.
About LGC (http://www.lgc-capital.com)
LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG). LGC's objective is to become a diversified business group with core business divisions that provide shareholders with exposure to a diverse range of businesses, products and services.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC"), its operations, strategy, investments, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of LGC could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in LGC's Management's Discussion and Analysis for the fiscal year ended September 30, 2016, as filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to LGC and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and LGC has no obligation to update such statements, except to the extent required by applicable securities laws.
Caution Regarding Press Releases
Neither the TSX Venture Exchange nor its Regulation Service 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
For further information: Please contact: Company & Media Contacts, Canada contact: John McMullen, Chief Executive Officer, Tel.: (416) 803-0698, Email: [email protected]; London contact: Anthony Samaha, Chief Financial Officer, Tel.: +44 (0) 20 7440 0640; Investor Relations contact: Dave Burwell, The Howard Group Inc., Tel.: (403) 221-9015, Toll Free: 1-888-221-0915, Email: [email protected]