VANCOUVER, B.C., October 14, 2016 – LexaGene Holdings Inc. (formerly, Wolfeye Resource Corp.) (TSX-V: WEY) (the “Company”) is pleased to announce the completion of its previously announced reverse takeover transaction (the “RTO”) pursuant to which it acquired Bionomics Diagnostics Inc. (“BDI”). The Company’s common shares will commence trading on the TSX Venture Exchange (the “TSXV”) as a Tier 2 technology issuer under the symbol “LXG” once the TSXV’s conditions for listing are satisfied and the TSXV issues its final exchange bulletin confirming the completion of the RTO. Pursuant to the RTO, the Company issued 20,000,000 common shares at a deemed price of $0.25 per common share in exchange for all issued and outstanding securities of BDI. The Company also issued 1,000,000 common shares at a deemed price of $0.25 to Transcend Capital Inc. pursuant to a finder’s fee agreement between the Company and Transcend Capital Inc. for its services as a finder in connection with the RTO (the “Finders’ Shares”). The Finders’ Shares are subject to a four month and one day hold from the date of issuance. On October 12, 2016, the Company changed its name to LexaGene Holdings Inc.
New Board and Management
Effective on the closing of the RTO, Yari Nieken, Chris Cherry, and Nizar Bharmal resigned as directors of the Company. Additionally, Nizar Bharmal has resigned as director, President, Chief Executive Officer and Corporate Secretary. The Company will be led by Dr. Jack Regan, who has been appointed President and Chief Executive Officer. Other board members include Jim Hutchens and Daryl Rebeck. In addition, the board welcomes Dr. Eric Olsen and Mr. Tom Slezak as new directors. Lastly, Zula Kropivnitski will act as Corporate Secretary in addition to her current position as Chief Financial Officer.
About the Company
The Company is a start-up biotechnology company focused on building fully automated instruments for rapid pathogen detection. The instrument will be easily operated by a layperson, allowing the Company to place these instruments at the site of sample collection, whether inside of food processing plants or inside hospitals. The instrument will return results in approximately 1 hour, and screen for multiple pathogens at the same time.
For more information:
Jack Regan, President and Chief Executive Officer Tel: 650-200-8771
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 results of exploration activities — that could cause actual results to differ materially from the Company’s expectations are 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.