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Non-Tech : Lake City Gaming: LCG-V
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To: Jerrold Annett who wrote (75)2/3/1999 7:36:00 AM
From: David Michaud   of 124
 
Lake City Gaming founder agrees to sell control block

Lake City Gaming Corp LCG
Shares issued 11,203,000 Feb 2 close $4.90
Wed 3 Feb 99 News Release
Mr. Steve Kumpf reports
Fred Glasgow and Fredco Holdings Ltd. (controlled by Mr. Glasgow)(collectively the selling shareholders) have engaged Sprott Securities Ltd.to act as agent on a best efforts basis to sell up to seven million special warrants by way of a secondary sale by the selling shareholder at a minimum price of $4.25. The offering is subject to due diligence and regulatory approval, as required.
Each special warrant is exercisable for no additional consideration into one share of Lake City Gaming held by the selling shareholders. Each special warrant will exercise automatically 10 days from the date that a receipt is issued for a prospectus qualifying the issuance of the shares held by the selling shareholders (the qualifying prospectus). If approval for the prospectus is not forthcoming by May 27, 1999, investors will receive a 10 per cent discount to the purchase price. The sale of the special warrants is expected to close within the next 30 days. The gross proceeds from the offering will be placed into escrow to be released on the earlier of the issuance of a receipt for the qualifying
prospectus as to 100 per cent of the funds or May 27, 1999 as to the gross proceeds less the 10 per cent discount discussed above.
Lake City Gaming owns 100 per cent of Lake City Casinos Ltd., which operates casinos in Kamloops, Vernon and Kelowna, B.C. LCCL operates 607 slot machines and 38 gaming tables and is in the process of relocating the Kelowna casino into new expanded premises. LCCL has also received conditional approval from BC Lottery Corp. for a destination casino in Penticton, B.C.
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