MONTRÉAL, March 1, 2019 /CNW
Telbec/ - LGC Capital Ltd. (the "Corporation" or
"LGC") (TSXV: LG) announces that it has filed its annual
audited financial statements for the financial year ended
September 30, 2018, the accompanying
management's discussion and analysis and the related CEO and CFO
certifications (the "2018 Financials").
As previously announced, the principal reason behind the
Corporation's delay in filing its 2018 Financials was attributable
to the complexities in establishing IFRS compliant values for the
numerous financial instruments behind its portfolio of investments
in various private companies.
As a result of the delays experienced in completing the year-end
financial statements, the Corporation anticipates a delay in the
filing of its interim financial statements, related management's
discussion and analysis and accompanying CEO and CFO certifications
for the three-month period ended December
31, 2018 (the "Interim Filings").
In connection with the delay in filing of the 2018 Financials,
on January 29, 2019, the Autorité
des marchés financiers (the "AMF"), as principal
regulator, granted a management cease trade order (the
"MCTO") against the Corporation's Chief Executive Officer,
Chief Financial Officer and directors, as opposed to a general
cease trade order against the Corporation. The AMF has been
advised of the anticipated delay in the filing of the Interim
Financials, and the AMF has agreed to extend the MCTO to cover the
Interim Filings and to keep same in place until the Interim Filings
have been made by the Corporation.
The MCTO restricts all trading in securities of the Corporation,
whether direct or indirect, by the Chief Executive Officer, the
Chief Financial Officer and the directors of the Corporation until
such time as the Required Filings have been filed by the
Corporation and the MCTO has been lifted. 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 its management confirm that they
are working expeditiously to meet the Corporation's obligations
relating to the filing of the Interim Filings, and the Corporation
expects to file the Interim Filings no later than March 8, 2019.
During the MCTO, the Corporation confirms that it will continue
to comply with the provisions of the alternative information
guidelines set out in Policy Statement 12-203 respecting
Management Cease Trade Orders for as long as it remains in
default, including the issuance of bi-weekly default status
reports, each of which will be issued in the form of a news
release. The Corporation also confirms that there is no other
material information concerning the affairs of the Corporation that
has not been generally disclosed as of the date of this press
release.
About LGC
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