Lateral Capital Corp.

TSX VENTURE : LCP


Lateral Capital Corp.

February 13, 2013 17:00 ET

Lateral Capital Corp.- Corporate Update

CALGARY, ALBERTA--(Marketwire - Feb. 13, 2013) -

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Lateral Capital Corp. ("Lateral" or the "Company") (TSX VENTURE:LCP) - Mr. Corbin Blume, President and Chief Executive Officer of Lateral, reports the Company has issued promissory notes (the "Notes") to two arm's length individuals (the "Holders"), pursuant to which the Holders have agreed to lend the Company an aggregate of CDN$400,000, of which $200,000 is secured against the assets of the Company. The Company intends to use the proceeds of the Notes for general working capital purposes.

The principal under the Notes will incur interest at a rate of 12% per year and the Notes shall mature on April 1, 2013 (the "Maturity Date"). At any time up until the Maturity Date, the Company shall have the right to re-pay the full outstanding principal under the Notes without penalty. In addition, the Holders shall be entitled to receive bonus shares of the Company in an amount equal to 20% of the value of the Notes, as permitted under the policies of the TSX-V.

The Company also announces it has executed a novation agreement with Whitecap Resources Inc. to extend the closing date of its previously announced acquisition (Market Wire: November 28, 2012) to March 25, 2013. The agreement provides for total consideration of $28.1-million with an effective date of January 1, 2013. Under the terms of this agreement, the Company has made an additional non-refundable deposit of $200,000. The transaction will be financed through a combination of equity and debt financings, the terms and conditions of which will be announced shortly. The transaction is subject to customary closing conditions, including TSX-V approval.

Cautionary and Forward-Looking Statements

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Forward‐looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.

The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

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.

Contact Information

  • Lateral Capital Corp.
    Corbin Blume
    President & CEO
    Main Phone (587) 350-7500
    (587) 350-7505 (FAX)

    Lateral Capital Corp.
    1000, 205 - Fifth Avenue SW
    Calgary, Alberta T2P 2V7