This news release is issued under the early warning provisions of Canadian securities legislation
MONTREAL , April 3, 2017 /CNW Telbec/ - David Lenigas, Co-Chairman of the Board of Directors of LGC Capital Ltd. (the "Corporation") (QBA.V), announces that on March 31, 2017, a stock option in respect of 8,000,000 common shares of the Corporation held by him was cancelled by mutual agreement of Mr. Lenigas and the Corporation.
Immediately prior to the cancellation, David Lenigas held 57,200,000 common shares of the Corporation, representing approximately 24.44% of the issued and outstanding common shares of the Corporation, and a stock option in respect of 8,000,000 common shares of the Corporation. Assuming the exercise of the stock option held by Mr. Lenigas, he would have held 65,200,000 common shares of the Corporation, representing approximately 26.94% of the common shares of the Corporation that would have then been issued and outstanding. Immediately after the cancellation, Mr. Lenigas holds 57,200,000 common shares of the Corporation, representing approximately 24.44% of the issued and outstanding common shares of the Corporation, and no stock options.
Mr. Lenigas 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. Lenigas 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. Lenigas in connection with the transaction described above is available on SEDAR under the Corporation's profile.
SOURCE LGC Capital Ltd
To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/April2017/03/c3839.html