Lateral Capital Corp.

TSX VENTURE : LCP


November 22, 2012 16:15 ET

Lateral Capital Corp. Announces Closing Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Lateral Capital Corp. (the "Corporation") (TSX VENTURE:LCP) is pleased to announce that it successfully closed its previously announced brokered private placement offering (the "Private Placement") of a total of 21,917,269 common shares ("Common Shares"), including the issuance of 488,697 Common Shares pursuant to the exercise of an over-allotment option, at a price of $0.14 per Common Share for total gross proceeds of $3,068,417. The net proceeds from the Private Placement will be used for working capital purposes.

The Private Placement was co-led by Stonecap Securities Inc. and Wolverton Securities Ltd. (the "Co-Lead Agents"). The Co-Lead Agents received a cash commission of 10% of the gross proceeds of the Private Placement and broker warrants (the "Broker Warrants") equal to 10% of the number of Common Shares issued pursuant to the Private Placement. A total of 2,191,727 Broker Warrants were issued to the Co-Lead Agents, which entitle the Co-Lead Agents to acquire common shares of the Corporation at a price of $0.14 for a period of 24 months from the closing date.

The Common Shares are subject to a statutory hold period ending on March 23, 2013.

Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Proposed Acquisition and associated transactions and has neither approved nor disapproved of the contents of this press release.

Contact Information

  • Lateral Capital Corp.
    Corbin Blume
    President and Chief Executive Officer
    (403) 975-4009