TORONTO, ONTARIO--(Marketwired - Jul 21, 2016) - Itasca Capital Ltd. (TSX VENTURE:ICL) ("Itasca") is pleased to announce that it has closed its previously announced subscription for 10,000,000 Class A Preference Interests ("Class A Interests") of 1347 Investors LLC ("1347 LLC") for a purchase price of USD$1.00 per Class A Interest, for an aggregate total of USD$10,000,000 (the "Investment").

As previously announced, 1347 LLC is a privately held limited liability company formed under the laws of Delaware. The stated purpose of 1347 LLC is to invest in and hold securities of 1347 Capital Corp. ("TFSC"). TFSC is a blank check company formed in Delaware on April 15, 2014, for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more target businesses. TFSC entered into an Agreement and Plan of Merger providing for the merger of a newly formed subsidiary of TFSC with and into Limbach Holdings LLC ("Limbach"), with Limbach surviving the merger as a wholly-owned subsidiary of TFSC (the "Limbach Merger"). 1347 LLC is the sponsor of TFSC. The Limbach Merger closed today, July 21, 2016.

Following closing, Itasca currently owns an approximately 38% interest in 1347 LLC.

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