LexaGene Announces Closing of CAD$6.64 Million Financing
BEVERLY, Mass – (October 29, 2019) – 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 CAD$6.64 million (the “Offering”). The Company issued 12,769,626 Units at a price of CAD$0.52 per Unit, each Unit consisting of one common share of the Company (a “Share”) and one common share purchase warrant, with each warrant entitling the holder to purchase one Share at the price of CAD$0.75 per Share until October 29, 2022.
The Offering was conducted by Industrial Alliance Securities Inc. (the “Agent”). The Company issued to the Agent an aggregate of 735,229 broker warrants (the “Broker Warrants”), each Broker Warrant entitling the holder to purchase one Share at the price of CAD$0.52 per Share until October 29, 2022.
Dr. Jack Regan, CEO and Founder of LexaGene states, “We would like to thank our current shareholders for their continued support and we welcome our new retail and institutional shareholders to LexaGene with this raise, our largest to date. This raise solidifies our pathway to commercialization in 2020 and marks a very exciting time for LexaGene.”
The Company intends to use the net proceeds of the Offering for research and development, marketing, general corporate purposes to support commercialization efforts.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
ON BEHALF OF THE BOARD
Dr. Jack Regan: Founder, Chief Executive Officer, and Chairman
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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 process multiple samples at a time, in an on-demand fashion, returning 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.
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 including, without limitation, statements with respect to the use of net proceeds. 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.
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.