Company offers units of shares, two-year warrants at $0.06 per unit
By Devika Patel
Knoxville, Tenn., July 6 – Lexaria Bioscience Corp. arranged a $300,000 private placement of units on July 5, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 5 million units of one common share and one warrant at $0.06 per unit.
Each warrant is exercisable at $0.14 for two years. The strike price is a 75% premium to $0.08, the July 1 closing share price.
Proceeds will be used for deployment and marketing of hemp-based food products, research and development and general working capital.
Vancouver, B.C.-based Lexaria, formerly Lexaria Corp., is a food sciences company focused on delivering cannabinoid compounds procured from legal, agricultural hemp.
| Issuer: | Lexaria Bioscience Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $300,000
|
| Units: | 5 million
|
| Price: | $0.06
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.14
|
| Pricing date: | July 5
|
| Settlement date: | June 6
|
| Stock symbol: | OTCBB: LXRP
|
| Stock price: | $0.08 at close July 1
|
| Market capitalization: | $4.01 million
|
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