NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) — LexaGene Holdings Inc. (TSX VENTURE:LXG) (OTCQB:LXXGF) (“LexaGene” or the “Company”) is pleased to announce that the underwriters have exercised the over-allotment option in connection with the closing of the Company’s bought deal financing previously announced on December 19, 2017. Pursuant to this over-allotment option, the Company issued today an additional 333,600 units at $1.15 per unit and 160,200 warrants (exercisable at $1.45 for a period of 36 months) at $0.08 per warrant, to raise additional aggregate gross proceeds of $396,456.
The financing was led by Canaccord Genuity Corp. and included PI Financial Corp. and Echelon Wealth Partners Inc.
The net proceeds of the offering, including the net proceeds from the over-allotment option, will be used to fund the Company’s international expansion, accelerating the commercializing process and deployment of its Microfluidic technology, and for working capital purposes.
The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons 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
Dr. Jack Regan: Founder, Chief Executive Officer, and Director
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.
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.
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.