LEXARIA BIOSCIENCE CORP (OTCMKTS:LXRP) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities.
On June 29, 2020 the Board of Directors Lexaria Bioscience Corp. (the “Company”) approved the issuance of 347,222 common shares (“Shares”) to IRTH Communications, LLC (“IRTH”) bearing a deemed aggregate value of $100,000 or $0.288 per Share. The Shares were issued to IRTH as partial compensation for investor relations services to be provided to the Company. The Shares were not registered to any registration statement or prospectus filed by the Company and accordingly, are restricted securities to US and Canadian securities laws.
Item 7.01 Regulation FD Disclosure.
On June 29, 2020, the Company, entered into an investor relations agreement (the “IR Agreement”) with IRTH, a Nevada limited liability company located in the State of California as announced via news release on June 29, 2020.
IRTH has agreed to provide its investor relations services (the “Services”) to the Company for an initial term of one year which shall be automatically renewed unless terminated 30 days in advance of the expiration date of the initial term. As compensation for the Services, the Company has agreed to issue IRTH an aggregate 347,222 Shares having a deemed value of $0.288 per Share to the regulatory exemptions from prospectus and registration requirements as prescribed by US and Canadian securities laws. The Shares shall be restricted securities to both US and Canadian securities laws and will bear the required restrictive legends.
In connection with the issuance of the Shares, the Company was required to seek, and has now received, written consent and approval from those persons who were party to the Purchase Agreement, as filed with the Company’s Form 8-K filed on May 6, 2020, and who had purchased at least 50.1% of the Shares issued to such financing.
In addition, the Company has also agreed to pay IRTH a cash fee of $7,500 per month for the Services and may, at its sole discretion, engage IRTH to provide additional services at additional costs.
Item 9.01 Financial Statements And Exhibits.
Lexaria Bioscience Corp. Exhibit
EX-99.1 2 lxrp_ex991.htm EX-99.1 lxrp_ex991.htmEXHIBIT 99.1 Lexaria Bioscience Engages Investor Relations and Capital Markets Advisory Firm for its Shareholder Communications Program KELOWNA,…
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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.
