Lateral Capital Corp. Corporate Update
CALGARY, ALBERTA--(Marketwire - Nov. 2, 2012) -
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Lateral Capital Corp. (the "Corporation") (TSX VENTURE:LCP.P) announces that concurrently with the closing of its Qualifying Transaction, the details of which are disclosed in the Corporation's Filing Statement dated October 16, 2012, the Corporation granted stock options to its directors and officers to purchase 1,451,000 shares of the company for a period of 5 years at an exercise price of $0.14 per share pursuant to the Corporation's stock option plan. The granting of the options is subject to all necessary regulatory approvals.
After giving effect to the Qualifying Transaction and the concurrent private placement, the Corporation has 29,419,305 common shares outstanding. The directors and officers of the Corporation own or control, as a group, 1,778,571 common shares or approximately 6% of the issued and outstanding common shares and not 3,750,000 common shares, as disclosed in the Filing Statement. It is expected that management's percentage of ownership will increase as a result of participation in a subsequent private placement, the terms and conditions of which are expected to be announced shortly.
Once the TSX Venture Exchange issues its final bulletin approving the Qualifying Transaction, which is expected shortly, the Corporation's classification will change from a capital pool company to that of a Tier 2 oil and gas issuer and the Corporation's trading symbol will be "LCP".
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to complete the Acquisition and associated transactions, including statements regarding the terms and conditions of the Acquisition and associated transactions. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Acquisition and associated transactions, that the ultimate terms of the Acquisition and associated transactions will differ from those that currently are contemplated, and that the Acquisition and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation, the properties or their respective financial or operating results or (as applicable) their securities.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lateral Capital Corp.
President and Chief Executive Officer