LGC CAPITAL announces closing of a first tranche of its $10.4 million financing and appointment of Arlington Capital CEO, Ferras Zalt, to LGC's board of directors
MONTREAL, May 02, 2019 (GLOBE NEWSWIRE) -- LGC Capital Ltd. (TSXV: LG) (OTCQB: LGGCF) ("LGC" or the “Corporation”) is pleased to announce that it has now closed the first tranche of its previously announced $10.4 million non-brokered private placement financing with Arlington Capital LP. The Corporation has issued a total of 80,000,000 commons shares at an issue price of $0.10 per share for gross proceeds of $8,000,000. The shares issued to Arlington Capital are subject to a four-month hold period. The second tranche of the private placement is expected to close shortly.
LGC is also very pleased to announce that Ferras Zalt has been appointed as the Corporation’s Chairman of the Board and will formally assume the role at LGC’s upcoming annual meeting of shareholders on May 22, 2019. Mr. Zalt has over 30 years of leadership and entrepreneurial experience. He has had a successful career founding and investing in early stage companies, while supporting them as they achieve success. His leadership style, vision and reputation in the global investment community, has provided significant returns for shareholders achieved significant valuation growth and several fold returns on investment to shareholders in the companies in which he has been involved.
Early in Ferras’ career, he held positions at the NASA Space Agency, and Compaq Corp in the USA. In 1995, Ferras founded Softech, an IT consultancy business with a focus on the energy sector to capitalise on the need for specialist IT technical services particularly in Oil and Gas sector. Softech grew rapidly and went on to deliver the largest SAP installation in the world at the time for Saudi Aramco. In 2001, Ferras sold the company to Atos Origin achieving several fold returns on invested capital and remained on as CEO to drive the business to further success. In 2005, as a result of a global repositioning strategy, Ferras had the opportunity to lead a management buyout of the company and within two years sold the company to Hewlett Packard, achieving significant returns to investors. In 2010, Ferras led an investment management buyout in Gulf Energy, an Oil and Gas full service company. In three years, he sold the investment achieving healthy returns. In the past five years, Ferras has been developing the Energy from Waste project in the UK. Ferras holds a Bachelor’s in Computer Science and Mathematics.
Mr. Zalt commented, “I see tremendous potential within the LGC group and look forward to being very active in the future growth of this company. I feel very confident that our investment in LGC will result in very strong returns for us and its investors. I look forward to working with Mazen Haddad and the entire team at LGC.”
Mazen Haddad, CEO of LGC stated, “I’m delighted that Ferras has now joined LGC’s board of directors Ferras will bring another layer of guidance, financial access and knowledge that I believe ensures LGC’s success.”
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