LexaGene Holdings Proposes to Amend Warrants Terms and Announces a Strategic Marketing Promotional Campaign
April 23 2020 - 5:00PM
LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the
“
Company”) announces that it intends to amend the
exercise price of the common share purchase warrants (the
“
Warrants”) issued on March 29, 2019.
In connection with a $2.65 million offering of
units (net of costs), 4,634,686 Warrants were issued with an
exercise price of $0.85 per common share of LexaGene (a
“Common Share”). These Warrants have an
expiry date of June 29, 2020. Subject to TSXV approval, the
Company intends to amend the terms of the Warrants as follows:
- The exercise price of unexercised
Warrants will be reduced to $0.60 per Common Share; and
- The acceleration clause of the
Warrants will be amended such that if for the preceding 10
consecutive trading days, the closing price of the Company’s Common
Shares is equal to or greater than $0.72, in which case the Company
may accelerate the expiry date of the Warrants by giving notice to
the holders thereof and in such case the Warrants will expire on
the 30th calendar day after the date of such notice.
All other terms of the Warrant remain the
same.
Insiders of the Company presently hold less than
2.3% of the Warrants from this offering.
In addition, the Company is pleased to announce
that it has engaged Native Ads, Inc., of New York, New York to
perform strategic digital media services, marketing and data
analytics services including but not limited to content
development, video production and editing, website development,
media buying and distribution, and campaign reporting and
optimization. The promotional campaign is scheduled to begin
in May and will continue until $150,000 USD of services are
rendered.
ON BEHALF OF THE BOARD
“Daryl Rebeck”
Daryl Rebeck: President and Director
and
“Jack Regan”
Dr. Jack Regan: Founder, Chief Executive Officer, and
Chairman
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 return 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.
Media Contacts Nicole Ridgedale Director of
Corporate Marketing, LexaGene800.215.1824 ext
206nridgedale@lexagene.com
Investor Relations Jay AdelaarVice President of
Capital Markets, LexaGene800.215.1824 ext
207jadelaar@lexagene.com
The TSX Venture Exchange Inc. has in no way
passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press 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.
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. 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.
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