LexaGene Holdings Announces Closing of CAD$13.29 Million Financing
September 09 2020 - 9:43AM
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
approximately CAD$13.29 million (the “
Offering”).
The Company issued 15,640,000 Units at a price of CAD$0.85 per
Unit, each Unit consisting of one common share of the Company (a
“
Share”) and one-half of one common share purchase
warrant, with each whole warrant entitling the holder to purchase
one Share at the price of CAD$1.10 per Share until September 9,
2023.
The Offering was conducted on a bought deal
basis by Canaccord Genuity Corp. and Industrial Alliance Securities
Inc. (the “Underwriters”). On closing, the Company
issued the Underwriters an aggregate of 1,094,800 broker warrants
(the “Broker Warrants”), each Broker Warrant
entitling the holder to purchase one Share at the price of CAD$1.10
per Share until September 9, 2023.
Dr. Jack Regan, CEO and Founder of LexaGene
states, “Over the last four years, LexaGene has constantly been
gaining momentum. This financing will allow us to complete the
transformation of going from strictly an R&D company, to one
that is supporting manufacturing and sales. This is a very exciting
time to be part of LexaGene as we look to make an impact on
multiple market verticals.”
The Units were offered by way of a short form
prospectus in all of the provinces of Canada except Quebec pursuant
to National Instrument 44-101 - Short Form Prospectus
Distributions. The Company intends to use the net proceeds of the
Offering to build inventory to meet anticipated demand, expand its
sales and marketing efforts and for general corporate purposes.
The securities offered have not been, nor will
they be, registered under the U.S Securities Act or any state
securities laws, and may not be offered or sold in the United
States or to, or for the account or benefit of, to person in the
United States or to U.S. Persons (as such term is defined in
Regulation S under the U.S. Securities) absent registration or an
applicable exemption from the registration requirements. This news
release will not constitute an offer to sell or the solicitation of
an offer to buy nor will there be any sale of the securities in any
state in which such offer, solicitation or sale would be
unlawful.
ON BEHALF OF THE BOARD“Jack Regan”Dr. Jack
Regan: Founder, Chief Executive Officer, and ChairmanAnd “Daryl
Rebeck”Daryl Rebeck: President and Director
For further information, please
contact:
Media Contacts Nicole
RidgedaleDirector of Corporate Marketing, LexaGene800.215.1824 ext
206nridgedale@lexagene.com
Investor RelationsJay
AdelaarVice President of Capital Markets, LexaGene800.215.1824 ext
207jadelaar@lexagene.com
About LexaGene Holdings
Inc.
LexaGene is a molecular diagnostics 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
MiQLab analyzer delivers excellent sensitivity, specificity, and
breadth of detection and can return results in approximately one
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.
Forward-Looking Information
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). Forward–looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable, are subject to
known and unknown risks, uncertainties, and other factors which
may cause the actual results and future events to differ materially
from those expressed or implied by such forward–looking
statements. These forward-looking statements include, but are not
limited to, statements to the intended use of the net proceeds of
the Offering. 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 information, whether as a result of new
information, future events or otherwise.
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.
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