​Lexaria Bioscience Announces Increased Size and Closing of Private Placement

Spotlight News  |

Lexaria Bioscience Corp.  (LXRP) (LXX:CNX), a drug delivery platform innovator, announces that due to strong demand it has increased the size of its previously announced non-brokered private placement, closing on gross proceeds of US$1,515,440 (the "Offering").

The Offering is comprised of 947,150 units (each, a "Unit") at an issue price of US$1.60 per Unit. Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to acquire one common share of the Company at a price of US$2.25 per common share for a period of 24 months following the closing of the Offering. Finder's fees of US$45,080 and 28,175 finder's warrants were paid on a portion of the proceeds raised, with each finder's warrant having exercise terms identical to the Warrants issued.

The net proceeds of the Offering will be used to fund construction and development of the Company's new Canadian-based laboratory; to accelerate Lexaria-developed R&D; and for general corporate purposes.

"We thank both our new subscribers and those existing shareholders who supported this private placement, during unusually adverse market conditions -- a testament to their belief in the vision and prospects of Lexaria," said Chris Bunka, Chief Executive Officer of Lexaria Bioscience Corp.

The Offering 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, 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 the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

About Lexaria

Lexaria Bioscience Corp. has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Lexaria has ten patents granted in the USA and in Australia and has filed over 50 patent applications worldwide across ten 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.

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Companies

Symbol Name Price Change % Volume
LXRP Lexaria Bioscience Corp. 1.28 -0.11 -7.91 168,852
LXX:CNX Lexaria Bioscience Corp 1.67 -0.18 -9.73 169,943

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