LexaGene Announces Closing of CAD$6.64 Million Financing
October 29 2019 - 10:48AM
LexaGene Holdings Inc. (TSX
VENTURE: LXG) (OTCQB: LXXGF) ("
LexaGene"
or the "
Company") is pleased to announce that it
has closed its previously announced offering of units (the
“
Units”) for aggregate gross proceeds of CAD$6.64
million (the “
Offering”). 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.
ON BEHALF OF THE BOARD
“Daryl Rebeck”
Daryl Rebeck: President and Director
and
“Jack Regan”
Dr. Jack Regan: Founder, Chief Executive
Officer, and Chairman
For further information, please contact:
Media Contacts Nicole Ridgedale
Director of Corporate Marketing, LexaGene 800.215.1824 ext 206
nridgedale@lexagene.com
Investor Relations Jay Adelaar
Vice President of Capital Markets, LexaGene 800.215.1824 ext
207jadelaar@lexagene.com
About LexaGene Holdings
Inc.
LexaGene is a biotechnology company that
develops genetic analyzers for pathogen detection and other
molecular markers for on-site rapid testing in veterinary
diagnostics, food safety and for use in open-access markets such as
clinical research, agricultural testing and biodefense. End-users
simply need to collect a sample, load it onto the instrument with a
sample preparation cartridge, enter sample ID and press ‘go’. The
LX Analyzer delivers excellent sensitivity, specificity, and
breadth of detection and can process multiple samples at a time, in
an on-demand fashion, returning results in about 1 hour. The unique
open-access feature is designed for custom testing so that
end-users can load their own real-time PCR assays onto the
instrument to target any genetic target of interest.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectation including, without limitation, statements
with respect to the use of net proceeds. Important factors --
including the availability of funds, the results of financing
efforts, the success of technology development efforts, the cost to
procure critical parts, performance of the instrument, market
acceptance of the technology, regulatory acceptance, and licensing
issues -- that could cause actual results to differ materially from
the Company's expectations as disclosed in the Company's documents
filed from time to time on SEDAR (see www.sedar.com). Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The company disclaims any intention or obligation, except to the
extent required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
The TSX Venture Exchange has in no way passed
upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this news release. Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
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