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Lorne Park closes final tranche of private placement offering of debentures

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Lorne Park closes final tranche of private placement offering of debentures

Lorne Park Capital Partners Inc. closed the second and final tranche of its nonbrokered private placement offering of nonconvertible and unsecured debentures.

In the final tranche, the company closed on the amount of about C$1.0 million. Together with the first tranche, the offering resulted in aggregate gross proceeds of roughly C$4.2 million.

The debentures issued as part of the final tranche closed on Oct. 4 and will mature on and become payable on Oct. 4, 2024. The debentures bear interest at a fixed rate of 8% per year.

As part of the final tranche, the company also issued to the debenture subscribers an aggregate of 260,500 warrants, each of which entitles a debenture holder to buy one common share of the company at an exercise price of 53 Canadian cents per common share for one year from the closing date.

All of the securities issued in connection with the offering are subject to a four-month hold period under applicable Canadian securities laws expiring Feb. 5, 2020.

The net proceeds of the offering will be used to redeem existing nonconvertible and unsecured debentures of the company and for general working capital purposes. The offering is subject to final approval by the TSX Venture Exchange.