LexaGene Announces Closing of C$6.6 Million Financing

LexaGene Holdings (TSXV:LXG, OTCQB:LXXGF) has announced it has closed its previously announced offering of units for gross proceeds of C$6.6 million.

As quoted in the press release:

The Company issued 12,769,626 Units at a price of CAD$0.52 per Unit, each Unit consisting of one common share of the Company (a “Share”) and one common share purchase warrant, with each warrant entitling the holder to purchase one Share at the price of CAD$0.75 per Share until October 29, 2022.

The Offering was conducted by Industrial Alliance Securities Inc. (the “Agent”). The Company issued to the Agent an aggregate of 735,229 broker warrants (the “Broker Warrants”), each Broker Warrant entitling the holder to purchase one Share at the price of CAD$0.52 per Share until October 29, 2022.

Dr. Jack Regan, CEO and Founder of LexaGene states, “We would like to thank our current shareholders for their continued support and we welcome our new retail and institutional shareholders to LexaGene with this raise, our largest to date. This raise solidifies our pathway to commercialization in 2020 and marks a very exciting time for LexaGene.”

The Company intends to use the net proceeds of the Offering for research and development, marketing, general corporate purposes to support commercialization efforts.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Click here to read the full press release.