NEWS - existing shareholders get screwed again....
2018-10-16 16:22 ET - News Release
Mr. Alex Blanchard reports
LEXARIA BIOSCIENCE ARRANGES PRIVATE PLACEMENT FINANCING TO FUND NEW LABORATORY
Lexaria Bioscience Corp. has arranged a non-brokered private placement for gross proceeds of approximately $1-million (U.S.).
The financing consists of units priced at $1.60 (U.S.) each. Each unit shall consist of one common share of the company and one share purchase warrant. Each warrant shall entitle the holder to acquire one common share at a price of $2.25 (U.S.) per share for a period of 24 months following the closing of the financing.
The net proceeds of the financing will be used to finance construction and development of the company's new Canadian-based laboratory; to accelerate Lexaria-developed research and development; and for general corporate purposes.
Lexaria has received building permits to begin renovations required for a new, larger head office located in Kelowna, Canada. This includes the construction of a new laboratory that, after submission to Health Canada for an R&D license and subsequent expected approval in 2019, will become Lexaria's new headquarters for global R&D across all molecule classes including restricted substances and non-restricted substances that are still strategic in value.
The Lexaria laboratory will contain certain equipment allowing for more advanced processes and greatly reduced R&D throughput times compared with Lexaria's current facilities. This will assist the company in maintaining and increasing its leadership position related to intellectual property.
The financing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities. All securities issued will be subject to applicable hold periods in accordance with Canadian securities laws and will be restricted securities as defined under the securities law of the United States.
About Lexaria Bioscience Corp.
Lexaria Bioscience has developed and outlicenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Lexaria has eight patents granted in the U.S. and in Australia, and has filed over 50 patent applications worldwide across 10 patent families. Lexaria's technology provides increases in intestinal absorption rates; more rapid delivery to the bloodstream; and important taste-masking benefits, for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine and other molecules.
We seek Safe Harbor
