Transactions August 21, 2023

LNG Holdings Inc. and Mind Cure Health Inc. (TSXV:LNGE) Complete Business Combination to create LNG Energy Group Corp.

LNG Energy Group Corp. (the “Company”; formerly Mind Cure Health Inc.) and LNG Holdings Inc. has completed a business combination by way of a court-approved plan of arrangement and received conditional approval to list its common shares and common share purchase warrants on the TSX Venture Exchange. Upon the receipt by the TSXV of the final listing approval, the Company will list 155,108,066 common shares and 44,577,350 warrants on the exchange. The ticker symbol for the common shares will be “LNGE”.

 

In connection with the completion of the business combination, LNG completed a private placement of 44,577,350 subscription receipts for gross aggregate proceeds of approximately $22.5 million. The proceeds from the financing were used in part to fund the acquisition of Lewis Energy Colombia, Inc. and for general corporate purposes. The Company closed a U.S. $70 million secured credit facility with Macquarie Group pursuant to a credit agreement dated as of July 26, 2023, which was also used in part to fund the acquisition of Lewis Energy Colombia, Inc.

 

With the completion of these transactions, LNG Energy Group Corp. will have an anticipated market capitalization of $75 million and will be actively producing, and exploring for, gas in the Perdices Block, the SSJN-1 Block, the SSJN-3-1 Block, the VIM-41 Block and the VIM-42 Block, located on the north coast of Colombia.

 

Wildeboer Dellelce LLP acted as legal counsel to Canaccord Genuity Corp., Eight Capital and Haywood Securities Inc., the Agents for the Financing, with a team comprising Perry Dellelce, Peter Volk, Hannah Dodick and Sepehr Yousef Pour (Corporate Finance and Securities/Mergers and Acquisitions).

Wildeboer Dellelce LLP