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Posted December 21, 2007 by publisher in Cuba-Canada Trade

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Vancouver Canada – Leisure Canada (the “Company” or “LCI”) is pleased to announce that the Board of Directors has approved the signing of a conditional agreement with Profile Investments LLC (“Profile”) pursuant to which Profile and persons associated therewith will acquire 46 percent of the fully diluted issued capital of LCI as enlarged through the issuance of new shares to Profile, thereby raising C$15 million.  In addition, Profile and persons associated therewith have agreed to invest US$5 million in the Company’s operating subsidiary, Wilton Properties Limited (“Wilton”). Profile is a Dubai-based investment company with global interests in real estate across India, the Gulf Cooperation Countries (“GCC”), Cape Verde and North Africa.

Profile Investments is a member of the Dubai headquartered Profile Group which has substantial interests in Dubai, including projects on the “Water Front” and the internationally renowned “World” development. Its interests range from real estate consulting and engineering, design and architecture as well as partnerships with global real estate sales and development operations.  The Profile Group holds substantial investments in prime properties in GCC countries, such as the U.A.E. (Dubai) and Oman, and also in Morocco, Europe, Spain and Cape Verde. In Dubai, its projects include; 

• 5 residential towers at Dubai Sports City;
• 12 residential, commercial and hotel towers at Dubai Waterfront;
• 10 residential buildings in International City;
• 4 buildings in Dubailand, a huge mixed use project;
• 2 exclusive projects on “The World”; the development of the “Island of Thailand” into a Spa and Residential Resort; and the development of the “Island of Ireland” as an up-market exclusive island retreat; and
• 6 luxury villas in Emirate Hills.

The transaction would envision Profile and persons associated therewith purchasing 46 percent of LCI’s issued capital on a fully diluted basis at the time of closing. This will result in the issuance of 60 million units at C$0.25 each for aggregate proceeds of C$15,000,000.  Each unit would be composed of one class “A” share (common share) plus one-half warrant. One full warrant would entitle the holder to purchase one additional common share of LCI for a period of 24 months after the closing date at a price of C$0.35 per warrant share. The Company will undertake to extend the term of the warrants for a further 24 months at an exercise price of C$0.40 in the third year and C$0.45 in the fourth. Additionally, Profile and persons associated therewith will acquire a 25 percent holding of the outstanding capital of Wilton by means of the subscription of new shares in Wilton for a total sum of USD$5 million. Finally, LCI would arrange for the appointment of two directors nominated by Profile to the Company’s Board of Directors. Profile has also expressed its strong desire to have Mr. Walter Berukoff remain as Chairman of the Company for a further period of not less than five years.

Walter Berukoff, the Executive Chairman of Leisure Canada said, “This agreement will provide Leisure Canada with the backing of a vertically integrated global real estate developer. All of the elements are now in place to accelerate development of our world class asset base in Cuba and become that nation’s premier hospitality and real estate development company.”

Commenting on the investment, Mr. Hanif Patel, Founder and Chairman of the Profile Group, said “Leisure Canada’s major assets are in Cuba. We are extremely excited about potential co-operation and synergies which will arise from this investment. We can help them market their products and, at the same time, offer this exotic market to our client base of over 30,000 investors.

Mr. Patel added, “With almost US$ 20 million in new capital, and with further capital injections planned in the near future, Leisure Canada will be very well positioned to complete existing projects and acquire new assets in Cuba.”

The transaction is subject to due diligence and other normal closing conditions including the execution of definitive agreements and regulatory approvals. It is expected to be completed by the 29th of February, 2008. MAC Capital Limited, an Investment Bank operating from the Dubai International Financial Centre and authorized by the Dubai Financial Services Authority, was advisor to the Company in this transaction.

Leisure Canada is a leading developer of luxury resorts in Cuba, with multiple properties currently under development, including five-star hotels, over 4,200 hotel rooms and PGA championship golf courses.


Christina Swan
Corporate Secretary

For more information, please contact:

JJ Jennex
Investor Relations Director

Telephone: (604) 990-9599 or 1-888-600-8687
E-mail: .(JavaScript must be enabled to view this email address)
Website: http://www.leisurecanada.com

Mr. Hanif Patel
Level 24 Burjuman Business Tower
PO BOX 125237 Dubai
United Arab Emirates
Tel :  + 971 4 7095 100
Fax :  + 971 4 351 8885
E-mail :  .(JavaScript must be enabled to view this email address)

Mr. Robert W. McMillen
Suite 115, Building 4, Gold & Diamond park Interchange 4, Sheikh Zayed Rd.,
Dubai, U.A.E.
Tel :  + Tel: 971 4 409 7171
Fax :  Tel: 971 4 409 7271
E-mail : .(JavaScript must be enabled to view this email address)

Trading: TSX Venture:  LCN
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

  1. Follow up post #1 added on December 21, 2007 by publisher with 3905 total posts

    Up 40% today. Congratulations to Leisure Cananda.


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  2. Follow up post #2 added on December 28, 2007 by publisher with 3905 total posts

    A bit more on this story:

    Leisure Canada Gets $20M in Working Capital

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  3. Follow up post #3 added on December 28, 2007 by James August

    UP and DOWN the last few days, when the big money boys want to play it is a sure sign of the times ......

  4. Follow up post #4 added on December 28, 2007 by James August

    If you want to play this but you can’t because of where you are, drop me a line maybe we can work something out grin

    I would do penny size for fun as a ¿Canadian Investor with friends?

  5. Follow up post #5 added on December 28, 2007 by publisher with 3905 total posts


    What do you mean by your last post?

    Regarding your first post, Dubai wants to play in Cuba. There is talk they will invest in the port of Mariel.

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  6. Follow up post #6 added on December 29, 2007 by James August

    Last post is about investing, why don’t you do a mock portfolio of the outfits that are currently known, might be interesting to see what develops.

  7. Follow up post #7 added on December 29, 2007 by publisher with 3905 total posts

    Something like this?

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  8. Follow up post #8 added on December 29, 2007 by James August

    Good list, didn’t the Herzfeld take a backslap last week, a few others did well yesterday:

    Pebercan: +0.18 to $1.75

    Sherritt: +0.41 to $13.48

    Leisure Canada: -.05 to $0.10

    You gotta love capitalism grin

  9. Follow up post #9 added on December 29, 2007 by James August

    Correction LCN down 0.05 to 0.33 cents

  10. Follow up post #10 added on December 29, 2007 by publisher with 3905 total posts

    Herzfeld went x dividend for $1.28 so the price dropped $1.28 but that amount per share was distributed as cash so add $1.28 to the current price to get the pre-disbursement price.

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  11. Follow up post #11 added on December 29, 2007 by James August

    I sit corrected, +$1.28 makes it $9.28 today, down from $9.72 mid December.

    It’s only money hehehe

  12. Follow up post #12 added on December 29, 2007 by James August

    Backslap I was reffering to is in “The 20 most recent Cuba Forum posts”

    “Herzfeld Caribbean Basin Fund falls to discount to net asset value”

    I love the line ““Would you pay me $1.80 for a dollar bill?” I asked at the time. “That’s exactly what’s happening here, and apparently, there’s a sucker born every uptick.””

  13. Follow up post #13 added on May 30, 2009 by Real Estate India

    I am fully satisfied with the post, It is not only interesting but also is a informative article. Can you please provide me some more links for similar articles.

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