Lexington Biosciences Inc. (LXGTF)

[Sabretooth0071]

Lexington Announces Q3 2018 Financial Results and Non-Brokered Private Placement

November 29, 2018

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN VANCOUVER, British Columbia, Nov. 29, 2018 — Lexington Biosciences, Inc. (CSE: LNB) (OTCQB: LXGTF) (the “Company” or “Lexington”) announces the release of the Company’s Condensed Consolidated Interim Financial Statements and the Management’s

https://lexingtonbiosciences.com/news/

The Company also announces that it intends to sell, by way of a non-brokered private placement up to 7.5 million units of the Company (“Units”) at a price of $0.10 per Unit for gross proceeds of up to $750,000 (the “Offering”). Currently the Company has received an advance portion of these funds by the management team, Board of Directors and other insiders to be including in the financing.
Each Unit will consist of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will be exercisable to buy one common share of the Company for a period of 36 months at a price of $0.15.
The Company intends to use the net proceeds of the Offering to advance the development of the Company’s HeartSentry measurement device, and for general working capital purposes. The Company may pay finder’s fees in connection with the Offering and it is anticipated that certain insiders of the Company will participate in the Offering.
The Offering is subject to the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued pursuant to the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.