/NOT FOR DISTRIBUTION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
TORONTO, Aug. 15, 2014 /CNW/ - Further to Lorne Park
Capital Partners Inc.'s (TSX-V: LPC) ("LPCP" or the
"Corporation") news release of June
10, 2014, the Corporation is pleased to announce it has
closed its previously announced non-brokered private placement
offering of non-convertible and unsecured debentures of the
Corporation (the "Debentures") for an aggregate principal
amount of CAD$2,311,000 (the
"Placement"). The Placement is subject to final
approval by the TSX Venture Exchange.
The Debentures have been issued as of August 15, 2014 (the "Closing Date") and
will mature on and become payable on August
15, 2019. The Debentures bear an 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 577,750 warrants (the "Warrants"), each of
which entitles a Debenture holder to purchase one common share of
the Corporation at an exercise price of $0.40 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 (the "Warrant Shares") will be listed.
All of the securities issued in connection with the Placement
are subject to a four-month hold period under applicable Canadian
securities laws expiring December 16,
2014.
The net proceeds of the Placement will be used as previously
announced in the news release of June 10,
2014. Subject to approval by the TSX Venture Exchange,
the Corporation expects to raise additional funds in another
offering later this year.
Insiders of the Corporation purchased $306,000 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.
