Lexaria Receives US$737,500 from Exercise of Warrants
KELOWNA, BC / ACCESSWIRE / December 2, 2016 / Lexaria Bioscience Corp. (OTCQB:LXRP) (CSE:LXX) (the "Company" or "Lexaria") announces it has received US$737,500 from the early exercise warrant incentive program announced on October 27, 2016. This total amount includes US$37,500 that was earlier announced on November 2, 2016.
A total of 3,245,000 warrants were exercised at US$0.2273 and the Company is issuing 3,245,000 common shares and 3,245,000 warrants with an exercise price of US$0.2273 to buy one additional common share, expiring May 14, 2017. These total amounts have been adjusted to account for the December 2015 forward stock split, and include 165,000 warrants and 165,000 common shares already reported on November 2, 2016.
Lexaria thanks its stakeholders for their continued strong support as the Company builds its intellectual property portfolio and expands its commercialization activities in technology out-licensing and product sales.
The securities issued will be subject to a hold period for any resales into the USA under Rule 144, of six months and one day. The warrant issuance is subject to normal regulatory approvals.
No commissions or placement fees have been paid related to the funds received from this warrant exercise. Proceeds raised are for general corporate purposes.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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