TORONTO, Oct. 04, 2019 (GLOBE NEWSWIRE) -- Lorne Park Capital Partners Inc. (TSX-V: LPC) (“LPCP” or the “Corporation”) is pleased to announce it has closed the second and final tranche of its a non-brokered private placement offering (the “Offering”) of non-convertible and unsecured debentures of the Corporation (the “Debentures”) previously announced on August 15, 2019. In this final tranche, the Corporation closed on the amount of $1,042,000 (the “Final Tranche”). Together with the first tranche announced on August 15, 2019, the Offering has resulted in aggregate gross proceeds of approximately $4,241,000.
The Debentures issued as part of the Final Tranche closed today (the “Closing Date”) and will mature on and become payable on October 4, 2024. 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.
As part of the Final Tranche, the Corporation has also issued to the Debenture subscribers an aggregate of 260,500 warrants (the “Warrants”), each of which entitles a Debenture holder to purchase one common share of the Corporation at an exercise price of $0.53 per common share for a period of one year from the Closing Date.
All of the securities issued in connection with the Offering are subject to a four-month hold period under applicable Canadian securities laws expiring February 5, 2020.
The net proceeds of the Offering will be used to redeem existing non-convertible and unsecured debentures of the Corporation and for general working capital purposes. The Offering is subject to final approval by the TSX Venture Exchange.
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.
For further information contact:
Robert Sewell, Chief Executive Officer
bob.sewell@lpcp.ca
(905) 337-2227
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.