/NOT FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
TORONTO, June 15, 2017 /CNW/ - Lorne Park Capital Partners Inc. (TSX-V: LPC) ("LPCP" or the "Corporation") is pleased to announce that it has closed its previously announced non-brokered private placement offering of non-convertible, unsecured debentures of the Corporation (the "Debentures") for an aggregate principal amount of CAD$2,055,000 (the "Placement"). The TSX Venture Exchange has granted final approval for the Placement.
The Debentures have been issued as of June 15, 2017 (the "Closing Date") and will mature on and become payable on June 15, 2022. The Debentures bear interest at a fixed rate of 8% per annum. The Debentures are direct, unsecured obligations of the Corporation, ranking equally with all other unsecured indebtedness of the Corporation.
The Corporation has also issued to the Debenture subscribers an aggregate of 513,750 warrants (the "Warrants"), each of which entitles a Debenture holder to purchase one common share of the Corporation at an exercise price of $0.50 per common share for a period of one year from the Closing Date. The Warrants will not be traded on the TSX Venture Exchange, but the common shares issuable on the exercise of the Warrants will be listed.
All of the securities issued in connection with the Placement are subject to a four-month hold period, expiring October 16, 2017, under applicable Canadian securities laws.
The net proceeds of the Placement will be used as previously announced in the Corporation's news release of April 12, 2017.
Insiders of the Corporation purchased $100,000 of the Placement. The Placement is considered to be a related party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Corporation's market capitalization.
About Lorne Park Capital Partners Inc.
LPCP was created to bring together boutique investment management and wealth advisory firms in order to deliver robust, cost effective investment solutions to affluent investors, foundations, estates and trusts. LPCP's unique strategy creates better alignment between investment managers and wealth advisors while providing them with additional resources to accelerate their growth.
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.
This news release contains certain forward-looking statements. LPCP has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential", "may" and other similar expressions. These statements reflect LPCP's current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause LPCP's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. LPCP undertakes no obligation to update or advise in the event of any change, addition or alteration to the information contained in this news release including such forward-looking statements, unless otherwise required under applicable law.
SOURCE Lorne Park Capital Partners Inc.
For further information: Robert Sewell, Chief Executive Officer, firstname.lastname@example.org, (905) 337-2227