/NOT FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH
THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAW./
TORONTO, April 12, 2017 /CNW/ - Lorne Park Capital
Partners Inc. (TSX-V: LPC) ("LPCP" or the
"Corporation") is pleased to announce a proposed
non-brokered private placement offering of non-convertible and
unsecured debentures of the Corporation (the "Debentures")
for an aggregate principal amount of up to CAD$2,000,000 (the "Offering"), subject to
acceptance by the TSX Venture Exchange. The Debentures will
be issued in denominations of $1,000,
subject to a minimum subscription of $10,000. The Debentures will bear an interest at
a fixed rate of 8% per annum, which will be calculated from their
date of issue (the "Closing Date") to be paid semi-annually
in arrears, and will have a maturity date of five years
("Maturity Date").
Each year during their term, holders of the Debentures (the
"Debenture Holders") may request redemption of all or
part of their Debenture up to 90 days prior to the anniversary of
the Closing Date (the "Anniversary Date"). On or about
the Anniversary Date, the Corporation may, at its discretion, repay
some, all or none of the redemption requests, on a pro-rated basis
in the event that the total redemption requests exceed the total
amount to be redeemed by the Corporation.
The Corporation proposes to issue to each Debenture subscriber
250 common share purchase warrants (the "Warrants") for each
$1,000 principal amount of the
Debenture, up to a maximum aggregate of 500,000 Warrants. Each
Warrant will entitle a Debenture Holder to purchase one common
share of the Corporation at an exercise price of $0.50 per common share for a period of one year
from the Closing Date. The Warrants will not be transferable, but
the common shares issuable on the exercise of the Warrants (the
"Warrant Shares") will be listed on the TSX Venture
Exchange.
The Debentures will be sold pursuant to exemptions from the
prospectus requirements to purchasers in Canada. The Debentures may also be sold
outside of Canada, provided that
no registration or prospectus filing or comparable obligation
arises.
The Debentures will not be listed on any stock exchange and
there will not be a market for the Debentures. In accordance with
applicable securities laws, the Debentures, Warrants, and Warrant
Shares issued in connection with the Offering are subject to a
minimum four month hold period.
The Corporation may pay a finder's fee of up to 5% in accordance
with applicable securities laws and policies of the TSX Venture
Exchange.
The proceeds from the Offering will be used: (a) to fund the
Corporation's growth initiatives, including investments in
investment managers and the development of the Corporation's wealth
management distribution platform; and (b) for general working
capital purposes.
The closing of the Offering will be subject to customary terms
and conditions including, but not limited to, the receipt of the
approval of the TSX Venture Exchange for the issuance of the
Debentures, Warrants and Warrant Shares.
The Debentures will be eligible for RRSP and TFSA accounts.
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.
