LEXARIA BIOSCIENCE CORP. (OTCMKTS:LXRP) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02 Unregistered Sales of Equity Securities
On October 31, 2018, Lexaria 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.
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.
Item 7.01 Regulation FD Disclosure
A copy of the news release announcing it has increased and closed a previously announced non-brokered private placement is filed as exhibit 99.1 to this current report and is hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits
| 99.1 | Press Release dated October 31, 2018 |
Lexaria Bioscience Corp. ExhibitEX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Lexaria Bioscience Corp. – Exhibit 99.1 – Filed by newsfilecorp.com Exhibit 99.1 Lexaria Bioscience Announces Increased Size and Closing of Private Placement Kelowna,…To view the full exhibit click here
About LEXARIA BIOSCIENCE CORP. (OTCMKTS:LXRP)
Lexaria Bioscience Corp., formerly Lexaria Corp., is a food sciences company. The Company is focused on the delivery of cannabinoid compounds procured from legal, agricultural hemp, through gourmet foods based upon its infusion technologies. Its food sciences activities include the development of its nutrient infusion technologies for the production of superfoods, and the production of food products under its two consumer product brands, ViPova and Lexaria Energy. Its technology is developed to aid absorption and bioavailability of various payload molecules, including cannabinoids, such as cannabidiol (CBD) and tetrahydrocannabinol (THC). Its range of flavors to the ViPova family, are available in 8 to 32 bag portions: Decaf English Breakfast, Earl Grey, Herbal Bengal Chai, Herbal Cherry Black Tea, Herbal Masala Chai, Low-Caf Organic Evening Green Tea and ViPova Light. It produces and sells edible consumer products infused with cannabidiol and available for sale in over 50 states.