LexaGene closes non-brokered private placement

LexaGene closes non-brokered private placement

VANCOUVER, B.C., March 13th, 2017 – LexaGene Holdings Inc. (TSX-V: LXG; OTCQB: LXXGF)(the “Company”). LexaGene is pleased to announce that further to its news release of February 10, 2017, the Company closed its non-brokered private placement (the “Offering”) with the sale of 6,685,363 units at $0.30 per unit for gross proceeds of $2,005,609. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share for $0.60 per share for a three year period. The Company intends to use the proceeds from the private placement to complete alpha prototype development as well as some additional corporate working capital.

The Company paid cash finders’ fees of $59,047.95 to eligible finders.

All securities issued pursuant to the above-referenced Offering are subject to a hold period expiring on July 14, 2017.

About LexaGene Holdings Inc.

LexaGene is a biotechnology company developing the very first fully automated pathogen detection platform that is open-access. The open-access feature will empower end-users to target any pathogen of interest, as they can load their own real-time PCR assays onto the instrument for customized pathogen detection. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, and press ‘go’. The instrument is expected to offer excellent sensitivity, specificity, and breadth of pathogen detection. The instrument will be able to process six samples at a time, in an on-demand fashion, returning results in about 1 hour. The company expects to sell its technology in the food safety, veterinary diagnostics, water quality monitoring, and aquaculture pathogen surveillance markets.

For more information visit www.lexagene.com.

ON BEHALF OF THE BOARD “Daryl Rebeck”

Daryl Rebeck, President and Director

For further information, please contact:

Daryl Rebeck, President and Director, darylrebeck@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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