Lexaria Bioscience Confirms More Than $2M Private Placement Deal

Lexaria Bioscience LXRP LXX sold more than 8.9 million shares of its common stock — including warrants to purchase up shares of common stock — in a private placement deal of over $2 million with a price per share of 23 cents. 

The transaction is expected to close on May 6.

The warrants issued of the shares are exercisable a price per share of 35 cents. 

The Special Equities Group, a division of Bradley Woods & Co., was the placement agent for the offering.

At closing, the British Columbia-based company will pay $154,199.90 and issue 658,087 warrants to BWC in connection with the investment of an additional 8,226,086 Shares with associated Warrants. Both Warrants have the same exercise terms and expiry date. 

The company plans to aim its founds gathered from the offering into the human pilot study researching the effectiveness of DehydraTECH tech related to enhancing the oral bioavailability of certain antiviral drugs of potential use against COVID-19 or other infectious disease states. 

Photo courtesy of Lexaria Bioscience