Lexaria Bioscience (CSE: LXX) (OTCQX: LXRP), a global innovator in drug delivery platforms, on Monday announced the close of its private placement financing. The company issued a total amount of 8,028,254 shares of its common stock along with common stock purchase warrants to purchase up to 8,028,254 shares of its common stock for gross proceeds of US$1,846,498 in its first tranche which closed on May 6, 2020. Lexaria closed the second tranche of its private placement on May 11, 2020 for the further issuance of 837,957 shares along with 837,957 warrants for gross proceeds of US$192,730. The warrants are immediately exercisable at a price of US$0.35 each and will expire on May 6, 2025 and May 11, 2025 for the first and second tranche, respectively. The Special Equities Group, a division of Bradley Woods & Co. Ltd. (“BWC”), acted as the exclusive placement agent for the offering. Per the placement agent agreement between Lexaria and BWC, the company has paid US$151,623 in commission and has also compensated BWC for its out-of-pocket costs and legal fees. Lexaria also issued a total of 649,124 warrants to BWC and its nominees, in connection with the investment by investors of an aggregate 8,866,211 shares with associated warrants. The broker warrants have the same exercise terms as the offering warrants and will expire on May 6, 2025. “This financing has strategic value to Lexaria over and above the dollars raised,” Lexaria Bioscience CEO Chris Bunka stated in the news release. “We expect that our financial needs are now met for the balance of 2020 and include our ability to prepare for a national stock exchange uplisting later in the year. Special Equities Group has done an excellent job of introducing the company to new institutional investors even during a time of great turmoil in the financial markets.”
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About Lexaria
Lexaria Bioscience Corp. is a global innovator in drug delivery platforms. Its patented DehydraTECH(TM) 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. DehydraTECH increases bio-absorption; reduces time of onset; and masks unwanted tastes for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (“NSAIDs”), nicotine and other molecules. Lexaria has licensed DehydraTECH to multiple companies in the cannabis industry for use in cannabinoid beverages, edibles and oral products; and to a world-leading tobacco producer for the development of smokeless, oral-based nicotine products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 16 patents granted and over 60 patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.
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