VANCOUVER, Nov. 19, 2019 /CNW/ - Itasca Capital Ltd. (TSX-V:
ICL) ("Itasca" or "Company") today filed its unaudited interim
financial statements for the nine months ended September 30, 2019 and the related management
discussion & analysis, both of which are available under
Itasca's profile on SEDAR at www.sedar.com. All amounts are in
Canadian dollars unless indicated otherwise.
The Company reported net loss attributable to common
shareholders of $0.7 million, or
$0.03 loss per share in the third
quarter of 2019, primarily due to $0.8
million unrealized loss on the Company's investment in 1347
Investors LLC, partially reduced by foreign exchange gain of
$0.1 million. Itasca reported net
loss attributable to common shareholders of $1.1 million, or $0.05 loss per share in the third quarter of
2018.
As of September 30, 2019, Itasca
reported total shareholders' equity of $13.6
million with a book value per share of $0.62 based on the 21,810,626 issued and
outstanding common shares.
Itasca also announced the closing of its previously announced
Distribution and Redemption Agreement ("Agreement") with 1347
Investors LLC ("1347"). Itasca invested US$10 million in Class A interests of 1347 in
July 2016 and has already received a
US$4 million cash distribution from
1347 in February 2018. Pursuant to
the terms of the Agreement, Itasca received approximately
US$9 million cash, 61,770 common
shares of Limbach Holdings Inc. (Nasdaq: LMB), and 154,333
$11.50 exercise price warrants of
Limbach Holdings Inc. as part of final distribution from 1347 to
its investors.
Management Comments:
Larry G. Swets, Jr., Chief Executive
Officer and Director, stated, "We are pleased to close the final
monetization of our investment in 1347 Investors LLC, which will
provide us significant liquidity to pursue further value enhancing
opportunities for our shareholders."
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this news release.
CAUTIONARY NOTE
Book value per share is a non-IFRS
measure calculated as the total of shareholders' equity divided by
the issued and outstanding shares of Itasca. The term "book value
per share" does not have any standardized meaning according to IFRS
and therefore may not be comparable to similar measures presented
by other companies. There is no comparable IFRS measure presented
in Itasca's audited consolidated financial statements and thus no
applicable quantitative reconciliation for such non-IFRS financial
measure. Itasca believes that book value per share can provide
information useful to its shareholders.
SOURCE Itasca Capital Ltd.
