Company sold units of shares, two-year warrants at $0.06 per unit
By Devika Patel
Knoxville, Tenn., Aug. 16 – Lexaria Bioscience Corp. settled a $93,512 private placement of units on Aug. 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced for $300,000 on July 5.
The company sold 1,558,525 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.
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| Issue: | Units of one common share and one warrant
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| Amount: | $93,512
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| Units: | 1,558,525
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| Price: | $0.06
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.14
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| Pricing date: | July 5
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| Settlement date: | Aug. 11
|
| Stock symbol: | OTCBB: LXRP
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| Stock price: | $0.08 at close July 1
|
| Market capitalization: | $5.12 million
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