​Lexaria Bioscience Arranges Private Placement Financing to Fund New Laboratory

Spotlight News  |

Lexaria Bioscience Corp.  (LXRP) (LXX:CNX), a drug delivery platform innovator, announces it has arranged a non-brokered private placement for gross proceeds of approximately US$1 million.

The financing is comprised of Units priced at US$1.60 each. Each Unit shall consist of one common share of the Company (a "Share") and one Share purchase warrant (each Share purchase warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire one common share at a price of US$2.25 per Share for a period of 24 months following the closing of the financing.

The net proceeds of the financing 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.

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 to 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.

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 eight 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. 0.89 -0.02 -2.19 106,459
LXX:CNX Lexaria Bioscience Corp 1.19 -0.04 -3.25 44,405

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