TORONTO, ONTARIO--(Marketwire - July 13, 2011) - Leisure Canada Inc. (TSX VENTURE:LCN) Leisure Canada Inc. (the "Company") announced today that the subscription period of its previously announced rights offering (the "Rights Offering") to purchase up to 41,519,539 class A common shares of the Company (the "Rights Shares") has expired. The Rights Offering was limited to eligible shareholders of the Company of record as of June 9, 2011 (the "Eligible Shareholders"). In connection with the Rights Offering, the Eligible Shareholders exercised rights pursuant to a basic subscription privilege and an additional subscription privilege to purchase an aggregate of 24,183,651 Rights Shares.

As described in the Company's rights offering circular dated May 25, 2011 (the "Circular"), Dundee Securities Ltd., the soliciting dealer and advisor to the Company under the Rights Offering, had agreed to purchase or cause to be purchased, on a reasonable best efforts basis, up to all of the Rights Shares not otherwise purchased under the Rights Offering (the "Stand-By Purchase"), being 17,335,888 Rights Shares (the "Remaining Shares"). Dundee Corporation, who owned approximately 12.32% of the outstanding shares on the record date, participated in the Rights Offering, including as a purchaser through the Stand-By Purchase. Following the completion of the Rights Offering, the Company will have 207,682,441 class A common shares outstanding (the "Common Shares"), of which Dundee Corporation will beneficially own 48,028,138 Common Shares, representing 23.13% of the outstanding Common Shares (on an undiluted basis).

The gross proceeds of the Rights Offering are approximately $5.0 million and net proceeds to the Company will be up to approximately $4.5 million. Proceeds of the Rights Offering will be added to the general funds of the Company and will be used for working capital purposes.

It is expected that the Rights Offering will close on July 18, 2011.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities in the United States. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended, and applicable state securities laws, or an available exemption from such registration requirements.

On Behalf of the Board of Directors

Robin Conners, President and CEO

About Leisure Canada Inc.

Leisure Canada Inc. is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "LCN". The Company is engaged in the business of developing hotel, resort and commercial properties in Cuba through its wholly-owned subsidiary, Wilton Properties Ltd. ("Wilton"), in joint venture with Grupo Hotelero Gran Caribe S.A. ("Gran Caribe"), an agency of the Cuban government.

For further information on the Company please visit our website at The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (

This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These forward-looking statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "forecast", "outlook", "potential", "continue", "should", "likely" or the negative of these terms or other comparable terminology. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

Contact Information:

Marcovitch Public Relations