LGC Capital’s Blue Sky Just Got a Little Brighter

In addition to holding a variety of interests in Cuba based businesses, LGC has substantial ownership in two energy exploration companies, one of which has issued a news release under the banner headline of 50% Upgrade to Exploration Potential in Melbana’s Cuba Acreage.

LGC has a 13.76% interest in Australian listed Melbana Energy (MAY), which announced results of a new assessment of the oil and gas exploration potential of the conventional onshore play known as Block 9.  

In its news release, Melbana included this first bullet point to catch the reader’s attention: Exploration potential of Block 9 upgraded by more than 50% to ~12 billion barrels of Oil-in-Place with Prospective Resources of 612 million barrels (unrisked Best Estimate, 100% basis)”.

Admittedly, high potential plays of this size take a considerable amount of time and money to develop. However, Melbana is looking to finalize well proposals by the end of this quarter and possibly be drilling within a year or so. The first target area is called Alameda.

The Alameda Prospect (formerly I Lead) is currently the highest ranked exploration target in Block 9 PSC. Alameda is a large structure located in the western part of Block 9 and is in a similar structural position to the Varadero field, the largest oil field in Cuba, approximately 35km away. Alameda has an estimated chance of discovery of 32% and recoverable volumes ranging from 3 – 214 million barrels, with a best estimate of 65 million barrels recoverable.”

Block 9 is certainly not virgin territory as it is surrounded by prolific producing areas.

Covering 2,380km2 onshore the north coast of Cuba, is in a proven hydrocarbon system with multiple producing fields within close proximity, including and the Majaguillar and San Anton fields immediately adjacent to Block 9 and the multi-billion barrel Varadero oil field. Block 9 contains the Motembo field, the first oil field discovered in Cuba.”

The bonus for LGC is that not only is it the single biggest shareholder in Melbana, but owns 15.4% of Petro Australis (private).

Melbana is prequalified as an onshore and shallow water operator in Cuba and was awarded a 100% interest in the Block 9 PSC on 3rd September 2015. Melbana has secured a 100% interest in Block 9, subject to a conditional 40% back-in option to be exercised no later than September 2017 held by Petro Australis Limited.

To read the detailed Melbana news release, click here.
To view Melbana’s corporate presentation, click here.

TMX Group Interviews LGC Capital Co-Chairman Mazen Haddad

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The TMX Group very recently posted an interview with Mazen Haddad, Co-Chairman of LGC Capital in which he provides a compelling business case overview for the multi-strategy Cuban focused investment company.

Here are some key highlights from the interview.

  • “We see a lot of potential in Cuba. It will allow investors a chance to get exposure to Cuba because there isn’t really another place to go for that type of exposure.”
  • “The major growth opportunities are driven by the warming of relations between the U.S. and Cuba. The U.S. consumer and tourists coming to the island are driving a lot of new growth opportunities in Cuba.”
  • “Our investors have a lot to look forward to in the next year, year and a half. There’s going to be a lot of events for sports, and it’ll be exposure to multi-national events in Cuba on sports. We already announced the October 7 friendly between the U.S.A and Cuba, in a few months there will probably be a baseball game as well and go on and on from there. The other opportunity that we are very excited about is developing the coffee crop with Cuba Mountain Coffee and Nespresso. Nespresso has expressed a deep interest in progressing with Cuba Mountain Coffee, specifically to supply the North American market.”

To view the full interview, see below or click here.

LGC Capital CEO David Lenigas Interviewed By Midas Letter/Financial Post

QBA:TSXV

The Midas Letter, which is featured in the online edition of the Financial Post posted an interview with David Lenigas, the CEO of LGC Capital. The interview provides insight into Mr. Lenigas’ Cuban multi-investment conglomerate.

Key topics in the interview include the following:

  • What first attracted Mr. Lenigas to Cuba,
  • His success discovering oil in England, the “Gatwick Gusher” which led him to invest in MEO Australia and its Cuban Block 9. “The company has identified, just in one of the three plays, eight billion barrels oil in place and 395 million barrels recoverable prospective resources.”,
  • The recently announced historic USA vs. Cuba soccer match and the fact that ESPN and RTV will be broadcasting the event,
  • LGC’s interest in the substantial Cuban coffee (partnership with Nespresso) and citrus fruit import/export business,
  • How Nigel Rushman approached Mr. Lenigas on the potential for Cuban sports promotion around the world,
  • The bespoke (high end customized) travel business, InCloud9, which is already cash flowing for LGC and growing very rapidly, having recently doubled in size.

To listen to the full podcast, please click here.

LGC Capital: Nigel Rushman Interviewed On “Taking Cuban Sport To The World”

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LGC Capital and its 50/50 joint venture (JV) partner Rushmans were featured in SportsPro Media a U.K. based premier sports news magazine. Nigel Rushman, the founder and visionary for Rushmans spoke to SportsPro about the recent announcement that Rushmans Cuba (JV with LGC) secured the rights to distribute, market and co-produce Cuban sports content and events to the international marketplace. Of specific interest to investors, he also discusses how he first got involved with LGC Capital.

This week Rushmans Cuba announced its first Cuban sports event. It will be marketing broadcast rights and advertising a historic friendly soccer match between Cuba and the U.S. in Havana, Cuba on October 7, 2016. See news release here.

To read Mr. Rushman’s full interview, please click here.

About Nigel Rushman

Nigel Rushman’s experience spans over 30 years with interests in various international trades and projects, including steel, infrastructure, equipment, manufacturing, hotels, catering, marketing, property, digital and sport. In addition, he has developed and implemented innovative programmes for over 500 events in 30 countries, including three Rugby World Cups and three Cricket World Cups amongst numerous other projects.

In his role as Founder of Rushmans, Nigel was contracted as Event Director of the ICC CWC West Indies 2007 Inc. with the responsibility of implementing the Event Management, Security, Media Management, Accreditation and Volunteer Programmes for the Cricket World Cup across the nine participating countries in the Caribbean region.

Most recently Nigel had the pleasure and privilege to be part of the innovative and highly professional team, which made history by winning Qatar the opportunity to host the FIFA World Cup in 2022.

LGC Capital – A Cuban Revolution Is Underway

by Dave Burwell and Grant Howard

QBA:TSXV

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The reasoning behind why we chose the side quote will become very clear as you read The Howard Group’s introductory commentary to its newest client, LGC Capital Limited.

We encourage readers to put LGC Capital Limited on your watch list.

In March of this year, Barack Obama became the first sitting U.S. president to visit Cuba since the 1959 revolution, which is when tensions began escalating between the two countries. The BBC stated in an article, “For a U.S. president to touch down at Jose Marti airport in Havana and be warmly greeted by Cuba’s foreign minister was until recently unthinkable.”

The U.S. embargo for more than five decades prevented citizens of the United States from travelling to Cuba and U.S. companies from doing business in the country.

This past March, Mr. Obama stated, “Change is going to happen in Cuba”, which was soon followed by the lifting of a number of the impediments to doing business with Cuba and travelling to that country.

LGC Capital – Way Ahead Of The Cuban Curve

LGC is a truly diversified Cuban focused organization, which is at the front end of a rapid and significant revenue ramp according to management in recent discussions with members of The Howard Group. We are looking forward to the day that forecasts are formalized, especially in relation to 2017. We do like the ticker symbol; QBA.

LGC Logo BlueWhen we use the word “diversified”, it’s not a stretch as LGC has a variety of interests in oil and gas, tourism, agriculture, trading, renewable energy and corporate consulting. The Company uses the Cuban hummingbird as it’s logo. It’s only the size of your thumbnail but moves quickly and is industrious. Such is the nature of LGC.

While LGC Capital was only incorporated in March 2015, there was a singular catalyst behind establishing a corporate entity. Founder and well known international entrepreneur David Lenigas had identified a number of Cuban business opportunities in conjunction with his personal relationships that have been “on the ground” there for many years.

As Mr. Lenigas has developed a hefty following based on past successes in the public market, he listed LGC Capital (then known as Leni Gas Cuba) on the ISDX Exchange in the United Kingdom in mid-2015. In July of this year, LGC began trading on the TSX Venture Exchange (QBA) following an RTO of Knowlton Capital. It was founded by Mazen Haddad, a name familiar to many who followed the Argex Titanium story through HG commentaries. Mr. Haddad played a key role in the recent turnaround and restructuring of that troubled company, once a darling and “dream” amongst a broad investing base.

Both gentlemen are residents of Monaco, and as they have mutually invested in different ventures over the years, there was a well-established relationship. They are Co-Chairmen of LGC.

Management say they moved the listing to Canada because Canada gets Cuba. A third of the visitors to the Island nation hail from Canada and Canada is one of Cuba’s largest trading partners.

David Lenigas – The Main Driver and Co-Chairman and CEO

David Lenigas has extensive experience operating in global public markets having served in a senior executive capacity on many public company boards. He served as the Executive Chairman of London and US listed Rare Earth Minerals Plc until December 2015, and was responsible for the company’s significant involvement in the discovery of the Sonora Lithium Project in Northern Mexico with its joint venture partner Bacanora Minerals Limited and their entry in to Europe’s largest lithium deposit at Cinovec in the Czech Republic. He is no stranger to the Canadian markets, having recently served on the Board of Baconora Minerals (TSXV: BCN; BCN:LN) and he is also a director of Macarthur Minerals Limited (TSXV: MMS) in which REM is their largest shareholder.

Mr. Lenigas is also well versed in emerging markets, having served as Executive Chairman of London main board listed Lonrho Plc for six years until September 2012 and was responsible for its rebuilding and expansion back into more than 17 countries in Africa in sectors covering agriculture, infrastructure, hotels, IT and aviation. He is still actively involved in Africa, serving as Executive Chairman of global logistics group AfriAg Global Plc (AFRI:PZ), moving perishable food all around the globe.

His experience with oil is significant, having been responsible for the large oil discovery at Horse Hill near London’s Gatwick Airport over the past years, serving as Executive Chairman of London listed UK Oil & Gas Investments Plc (UKOG:LN) and still heads up a Horse Hill partners as Executive Chairman of Doriemus Plc (DOR:LN).

Mr. Lenigas holds a Bachelor of Applied Science (Mining Engineering) with Distinction from Curtin University’s Western Australian Kalgoorlie School of Mines and also holds an unrestricted first class mine manager’s certificate from the Western Australian Government.

Mazen Haddad – The Canadian Corporate Man and Co-Chairman

Mazen Haddad is a private investor and previously held the positions of Chairman, President and Chief Executive Officer of the Company. Mr. Haddad holds a B.A. degree in economics from Emory University of Atlanta, Georgia.

Mr. Haddad is Interim President and Chief Executive Officer and a director of Argex Titanium Inc., a company listed on the Toronto Stock Exchange. Mr. Haddad was President of Township Capital Inc., a private company whose primary role was to act as a consultant for Palos Capital Pool, L.P., from 2006 until 2010. Prior to that, he served as Chairman of SGI Properties Canada Fund L.P., a private real estate investment trust (REIT) focused on residential real estate in Montreal, Québec, and as Vice-President of SGI Capital Corp., a private investment company.

Corporate Structure:

Shares Outstanding: 234,045,321

Warrants: 1,976,000

Exercise price – $0.2321, Expiry – November 2, 2022

Options: 39,982,678

1,982,678 – Exercise price: $0.064, Expiry: November 1, 2018
4,000,000 – Exercise price: $0.09284, Expiry: November 2, 2018
4,000,000 – Exercise price: $0.2321, Expiry: November 2, 2018
4,000,000 – Exercise price: $0.4642, Expiry: November 2, 2018
4,000,000 – Exercise price: $0.6963, Expiry: November 2, 2018
4,000,000 – Exercise price: $0.9284, Expiry: November 2, 2018
18,000,000 – Exercise price: $0.2325, Expiry: December 31, 2020

Fully Diluted:  276,003,999

Debt:  Nil

Insider Ownership: 50%

David Lenigas – 57.2 million shares
Mazen Haddad – 9.5 million shares

LGC Partnerships and Investments

The key takeaway is that LGC wasn’t established to look for opportunities in Cuba; it was established to take advantage of the roots that were already firmly planted in the Caribbean nation. The forward thinking is evident based on the below graphic that displays the nature and ownership of LGC’s diversified interests in Cuba.

Management says that the best way to grow a business focused on Cuban growth metrics is to be a broad based diversified conglomerate. Some of the most successful companies in the world adopt this conglomerate approach to spread the investment risk.

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MEO Australia and Petro Australis
Multi-Billion Barrels Of Oil Opportunity

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In February 2016, LGC made a strategic investment in Cuban oil explorer MEO Australia Limited (“MEO”), a company incorporated under the laws of Australia and listed on the Australian Securities Exchange (ASX). LGC is the single largest shareholder of MEO, with a 15.8% interest.

MEO is pre-qualified as a foreign onshore and shallow water operator in Cuba, and in September 2015 was awarded a 100% interest in the 2,380 km2 onshore oil block, Block 9 Production Sharing Contract (“Block 9 PSC”), located on the north coast of Cuba, 140 km east of Havana and along trend with the multi-billion barrel Varadero oil field. Click here for more information on Block 9.

There are only two foreign listed companies actually approved to work in Cuba in the oil sector: Sherritt (TSE.S) and LGC. This is the unique opportunity here, as entry barriers to get in to Cuba are onerous.  So MEO have a great first mover advantage.

Cuba needs a lot more oil to run its growing economy. 96% of Cuba’s energy comes from oil and they are struggling to meet refinery demand due to recent problems with Venezuela and their supplies of 50% of crude to keep Cuba running smoothly.

LGC also holds a 15.14% interest in Petro Australis (private), which holds a conditional 40% back-in option to Block 9 PSC, the investment by LGC in MEO significantly increased LGC’s underlying interest in Block 9 PSC.

In regards to potential, MEO Australia reported in July that, “The first of three identified oil plays on Block 9 has been assessed by MEO to contain 8.183 billion barrels of Oil-in-Place with a Prospective (Recoverable) Resource of 395 million barrels (Best Estimate, 100% basis) of potentially high quality light oil.  Further work on the other shallower oil plays, which also have significant oil potential, is continuing, and will be reported on as available.” Click here to see the news release.

And not only does MEO have a “high potential” great oil play in Cuba, it’s  also hunting two “elephant size”  oil and gas plays in Australia. Beehive is a multi-billion barrel play off the Western Australian coast and the big Tassie Shoals LNG and Methanol Projects have just had their environmental approvals extended to 2052.

Today the market cap of MEO Australia is approximately $43 million. As of this writing LGC’s ownership is worth over $6.8 million CDN which is a five-fold increase from LGC’s entry level. There’s no doubt that big international play’s can create fortunes but patience is required.



The InCloud9 Group
Facilitating Travel To Cuba For Wealthy U.S. Travellers

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In September 2015, LGC acquired 40% of the issued share capital of Travelwelcome Ltd., which in turn acquired 100% of inCloud9, another Cuban travel operator. The whole group now runs as inCloud9. Through its representative office in Havana, inCloud9 provides the services of a specialist Cuban ground handler which works with other specialist travel companies around the world to assist with tailor-made trips to Cuba for their clients. This includes booking local hotels, transport, local tours and guides, as well as other specialist activities such as art tours, horse riding, deep-sea fishing, fly fishing and scuba diving. In addition, inCloud9 has the capacity to assist with the organization of special events including conferences and weddings, and group activities around Cuban festivals such as the Cigar Festival and Film Festival.

tourists-on-beach-in-cubaCuba is experiencing a tourism boom that isn’t going away. Whether it’s the allure of sampling one of Cuba’s fabled freshly rolled cigars or sipping minty mojitos in one of Old Havana’s speakeasy-style bars, approximately 3.1 million people infiltrated the Caribbean country’s post-communist borders in 2015, a 17.6% increase compared to the same time last year.

Cuba’s Office of National Statistics: Canada – or those travelling through, maintains the lion’s-share of Cuba’s tourism with over a million visitors in 2015. But the Americans are starting to come. And when America comes, it doesn’t just drizzle, it pours.

Eight U.S. carriers, most with flights departing from the Miami and New York metropolitan areas received tentative approval from the Transportation Department in July 2016 to operate direct flights to José Martí International Airport in Havana. They should start flying at the end of the Summer.

The opportunity – Because of the embargo, United States citizens have been prevented from vacationing in Cuba. They still can’t. But they can come on one-on-one “cultural” exchange visits. According to LGC management, this is changing fast and American business scouting and cultural tourism is quickly rising.  inCloud9 is one of the few foreign operators with a physical full-time presence in Havana. It operates throughout Cuba, facilitates travel into and around Cuba and manages many events and movie/documentary shoots.

Although U.S. tourism to Cuba was low during the embargo, the U.S. boom has started. Management tells us that since LGC acquired its ownership interest, the business is already experiencing impressive growth with a multi-million-dollar turnover in this business. Recently, LGC management talked about a number of major events it will host  in Cuba including  facilitating movie and documentary productions,  and handling all arrangements for world renowned recording artists who will  come to Cuba for performances or just a vacation.

It’s an understatement that management is enthusiastic as it tells us that a number of these larger projects generate hundreds of thousands of dollars in profit for inCloud9. On some occasions, inCloud9 has hosted hundreds of tourists in the Country at any one time. LGC is gearing up in Havana for growth and potential further acquisitions.

As we don’t have management forecasts in hand as of yet, quantification of future expectations is a key point that potential investors will be awaiting.


Rushmans Ltd. Joint Venture
Bringing The World Of Sports To Cuba

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In April 2016, LGC entered into a 50/50 joint venture with Rushmans Ltd (the “Rushmans Cuba JV”) to explore the opportunities available for international entities to participate in the development funding for Cuban sport.

The Rushmans Cuba JV possesses an exclusive license to use the Rushmans’ brand and intellectual property in respect to Cuban sporting opportunities, including assisting Cuban sport associations to build upon its massive potential from social/grassroots to international competition level.

Rushmans – http://rushmans.com – has more than 25 years of experience in world sport and has advised and supported sports governing bodies and played a key role in planning and delivering a host of major events including European Championships in Football and World Cups in Cricket and Rugby. Rushmans has also acted as a strategic advisor to sport and corporations worldwide.

Nigel Rushman’s experience spans over 30 years with interests in various international trades and projects, including steel, infrastructure, equipment, manufacturing, hotels, catering, marketing, property, digital and sport. In addition, he has developed and implemented innovative programmes for over 500 events in 30 countries, including three Rugby World Cups and three Cricket World Cups amongst numerous other projects.

public-domain-images-archive-high-quality-resolution-free-download-splitshire-0008-1000x666-1818x628In his role as Founder of Rushmans, Nigel was contracted as Event Director of the ICC CWC West Indies 2007 Inc. with the responsibility of implementing the Event Management, Security, Media Management, Accreditation and Volunteer Programmes for the Cricket World Cup across the nine participating countries in the Caribbean region.

Most recently Nigel had the pleasure and privilege to be part of the innovative and highly professional team, which made history by winning Qatar the opportunity to host the FIFA World Cup in 2022.

The opportunity – Cuba is coming in quickly coming in from the cold  and sport is an untapped market that could add significant hard currency revenue. It was Nigel Rushman who assisted Qatar win the FIFA World Cup in 2022. Rushmans Cuba is well connected to the global world of sport and the opportunities for sport in Cuba are immense. If Rushmans Cuba can assist the Cuban bring world class events to Cuba, the JV could receive a percentage of the ticket sales, television broadcasting fees, merchandise, etc. A single event could generate hundreds of thousands of dollars for LGC and significantly more for the Cuban Government. The opportunities are considerable.  


Groombridge Trading Corp. Joint Venture
Opening Up Trade With The World

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In November 2015, LGC entered into an agreement with Cuban-centric trading company Groombridge Trading Corp. (“GTC”) to form a 50/50 joint venture (the “GTC JV”) designed to expand GTC’s existing business of supplying products, machinery and equipment to the fast-growing Cuban tourism sector and exporting agricultural products from Cuba.

GTC, established in 2013, is a Canadian corporation that is approved to trade in Cuba by the Cuban Ministry of Foreign Trade and Investment and the Ministry of Agriculture, and is further authorized to trade with other Cuban Government entities.

working_in_cubaLGC assists GTC with its existing order book of imports for the hotel and tourism sector and will become a financial partner in new business moving forward. The GTC JV has an exclusive first right of refusal to participate on a deal-by-deal 50/50 basis in any current and new transactions originated and operated by GTC. In addition to growing GTC’s current trading activities, the GTC JV also works with GTC to develop a number of agricultural projects and initiatives currently under negotiation in Cuba and assist with new export orders of agricultural products to Europe and Canada.

In March, the joint venture announced its first import contract, which was worth approximately $30,000. Click here to read about the opportunity. Cuba imports 70% of what it consumes, which means it needs to import over $2 billion dollars’ worth of goods to feed the rising economy. Chris Murphy who runs GTC, has been in Cuba since the early 1990’s and was the boss of ED&F Man’s sugar business in the country. Management feels the import/export opportunities are such considerable size that GTC will be a top gem in its Cuba portfolio.  


Cuba Mountain Coffee
With Nestle Bringing Cuban Coffee To The U.S.

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In June 2016, LGC acquired a 10% interest in The Cuba Mountain Coffee Company Ltd (“CMC”), an English company founded in 2013. CMC will promote on a worldwide basis, single-origin gourmet coffee from Cuba’s famous Guantanamo Region, both as green beans and also via CMC’s own bespoke coffee brand, “Alma de Cuba”.

In July 2015 LGC announced the following:

“The Cuba Mountain Coffee Co (CMC) has achieved a milestone in its negotiations with the Cuban authorities and is now hopeful that its coffee project in the Cuban province of Guantanamo will begin in 2017.”

“A visit to Guantanamo by CMC directors in June resulted in agreement on the principal terms for co-operation with the Asdrubal Lopez coffee processing plant in Guantanamo, CMC’s counter-party in Cuba. Crucial approvals have already been achieved and the project is now in its final negotiating stage before ministerial presentation, expected before January 2017.”

nestle_ao_altoIn June of this year, Nespresso USA announced it (and CMC) will bring back Cuban Coffee to the United States for the first time in more than 50 years. See news release here.

In April 2016, CMC also signed a Memorandum of Understanding with Nestlé Nespresso with the ambition to explore how to work together with the nonprofit organization, TechnoServe, to boost production and quality in some of the Guantanamo micro-regions for the benefit of Cuban farmers and the protection of their environment, subject to the approval of the Cuban authorities and compliance with applicable laws.

CMC has already established an E-commerce website, www.almacuba.comfor its Gourmet coffee brand, “Alma de Cuba” and retails its coffee through major retail outlets.



Commercial Funded Solar Joint Venture
Solar and Renewable Infrastructure for Cuba

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In 2014, Cuba set a target of producing 24% of its electricity from renewable sources by 2030. Solar will be a large part of this initiative due to the abundance of sunshine in the country.

In May 2016, LGC entered into an agreement with UK Solar power and storage specialists, Commercial Funded Solar Ltd (“CFS”), designed to assess the potential for installing and operating renewable energy and hybrid power solutions (solar power, energy storage and integrated power management systems) in Cuba.

solar cubaCFS is a UK based multinational company with operations in the UK, Africa and South America, specialising in the installation of medium sized commercially funded renewable power and storage systems of between 30kw and 1MW each. CFS is currently focused on delivering a large number of investor funded commercial systems to Academy and School Groups in the UK public and private education sector, as well as providing a commercially funded model for investors wanting a higher return short-term (1-3 year) investment in countries with supportive governments with immediate requirements to replace diesel generation, such as in Cuba.

CFS and LGC intend to lead the development and construction of each project with the funding coming from external investors. Under the terms of the agreement, CFS and LGC will share on a 50/50 basis the development, funding and construction revenues for each renewable power plant built, and will share on a 75/25 basis the 10-20 year operational contracts for all the systems.

Proactive Investors covered the announcement – click here to view.


Conclusion

CubaLGC Capital is a unique public opportunity. There is only one other company listed on a Canadian exchange with a Cuban focus. It’s imperative is promoting and selling tourism to Cuba. LGC is a company for those who believe that Cuba is going to blossom and can envision the potential for being a shareholder in a well established entity.

By investing and partnering with entrenched businesses within the country, LGC Capital is in a perfect position to take advantage of the economic surge that’s coming to Cuba. LGC provides investors with a rare opportunity to capitalize on a currently underdeveloped country gaining new found exposure to the U.S. marketplace.

Future valuation will obviously be driven by fundamental results. However, based on the history of the people behind LGC and their respective investing networks, we wouldn’t be surprised to see the expectation of “future potential” attracting people to the story.

Without question, LGC was on the dance floor before the band struck the first note!

For more information on LGC Capital, please contact:

Dave Burwell
The Howard Group Inc.
Email: dave@howardgroupinc.com
Tel: 403-221-0915

To receive ongoing commentary on the activities of LGC Capital, click here to register.

Not For Distribution Directly or Indirectly in the United States.