Kelowna, BC (pcj News Briefs) – Lexaria Bioscience Corp. (CSE: LXX; OTCQB: LXRP) has closed previously announced brokered private placement of 4,104,280 units at US $0.42 per unit for gross proceeds of US $1,723,798.
Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one common share at US $0.60 per share for a period of 24 months following the closing of the offering.
The offering was led by Eight Capital, on behalf of a syndicate of agents including Haywood Securities Inc. and Echelon Wealth Partners. Borden Ladner Gervais LLP acted as Agents’ counsel with respect to the offering.
Lexaria Bioscience intends to use net proceeds to fund research collaboration with National Research Council Canada; other Lexaria-developed R&D related to the delivery and bioavailability of cannabis, vitamins, NSAIDs and nicotine; and working capital and general corporate purposes.
“We are elated to have achieved our goals with respect to this financing since, for the first time ever, Lexaria now has sufficient capital to operate and strategically plan for beyond a one-year period,” said Chris Bunka, CEO. “We expect to achieve significant advancement in all aspects of our business in 2017 and 2018 and will provide additional information regarding our plans in the weeks to come.”
photo credit: Lexaria Bioscience