Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Lake City Gaming: LCG-V -- Ignore unavailable to you. Want to Upgrade?

To: Jerrold Annett who wrote (75)	2/3/1999 7:36:00 AM
From: David Michaud	Respond to 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.

To: Jerrold Annett who wrote (75)	2/8/1999 9:00:00 PM
From: Pianoman1997	Read Replies (1) \| Respond to of 124

Jerrold, Q1 earnings released Nov 20 1998. That would put Q2 release within 2 weeks if they maintain their schedule. Do you have any specific date? Should be interesting... Dan

To: Jerrold Annett who wrote (75)	2/10/1999 9:10:00 PM
From: David Michaud	Read Replies (1) \| Respond to of 124

Lake City Gaming's second quarter results Lake City Gaming Corp LCG Shares issued 11,203,000 Feb 10 close $4.80 Wed 10 Feb 99 News Release Mr. Steven Kumpf reports Gross casino revenues for the second quarter of 1999 exceeded $17-million. After distributions to BC Lottery Corporation, net revenues were $4,656,838 plus other income of $107,397 totalling $4,764,235. The company is pleased with the second quarter results as it was able to maintain revenues and profits during seasonal reductions in tourism. Additional costs were incurred pertaining to the Vernon opening, with revenues starting at the end of the quarter. The revenues of the Vernon casino have increased substantially since the opening. The relocation and expansion of the Vernon casino occurred on Dec. 15, 1998. The new Vernon casino increased from 3,000 square feet to 12,400 square feet, located within the Village Green Hotel. The new premises allowed for the increase from 89 to 177 slot machines and from eight to 12 gaming tables. The relocation and expansion of the Kelowna casino to the Grand Okanagan Resort remains on schedule for a projected opening in May 1999. The expansion and relocation involves new premises of 21,000 square feet and an increase from 155 to 300 slot machines and from 12 to 20 gaming tables, respectively. In the second quarter, the company received $518,143 of facilities assistance compensation for recovery of eligible casino expenditures pertaining to equipment and leaseholds. The FAC is applied as a reduction of capital assets. Also in the second quarter, convertible debentures of $650,000 were exercised into common shares and 100,000 stock options were exercised for proceeds of $150,000. LCG owns 100 per cent of Lake City Casinos Limited (LCCL) 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 Corporation for a destination casino in Penticton, B.C.