/NOT FOR DISTRIBUTION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
TORONTO,
June 10, 2014 /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$10,000,000 (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
2,500,000 Warrants. Each Warrant will entitle 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
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 available
exemptions from the registration and 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 will be subject to a minimum four month
hold period.
The Corporation may pay a cash finder's fee of up
to 5% in accordance with applicable securities laws and policies of
the TSX Venture Exchange.
The Corporation is continuously exploring growth
opportunities and the proceeds from the Offering may be used in the
near term to fund such opportunities, including (a) the acquisition
of a significant interest in a portfolio management firm, (b) the
establishment of the Corporation's wealth management distribution
platform and (c) 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.