Lexaria Bioscience Corp (LEXX)

[Shawking]

Lexaria closes $699,410 (U.S.) tranche of placement

2019-11-14 07:26 ET - News Release


Mr. Alex Blanchard reports

LEXARIA ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Lexaria Bioscience Corp. has closed the first tranche of its previously announced private placement of units as at Nov. 13, 2019.

Pursuant to the company's news release of Oct. 30, 2019, the company announces that it has closed this tranche of its offering and has received gross proceeds of $699,410.25 (U.S.) from the sale of an aggregate 1,554,245 units at a price of 45 U.S. cents per unit. Each unit comprises one common share and one share purchase warrant whereby the holder of a warrant will be entitled to exercise the warrant to purchase an additional share at a price of 80 U.S. cents until Nov. 13, 2020, and thereafter at a price of $1.20 (U.S.) until Nov. 13, 2021. The warrants will expire and will no longer be exercisable after the expiry date.

The company also paid $3,937.50 (U.S.) and issued 8,750 warrants to certain finders in connection with the investment by investors of an aggregate 125,000 units. The broker warrants have the same exercise terms and expiry date as the warrants.

The net proceeds received from the offering will be used as to $200,000 (U.S.) for continued research and development of the issuer's DehydraTECH technology; $50,000 (U.S.) for sales and marketing of the issuer's products; $50,000 (U.S.) for finance and legal fees; $75,000 (U.S.) for pursuing patent applications; $170,000 (U.S.) for general working capital; and $150,000 (U.S.) for administration costs.

About Lexaria Bioscience Corp.

Lexaria Bioscience is a global innovator in drug delivery platforms. Its patented DehydraTECH drug delivery technology changes the way active pharmaceutical ingredients enter the bloodstream, promoting healthier ingestion methods, lower overall dosing and higher effectiveness for lipophilic active molecules.

We seek Safe Harbor.

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