Filed by newsfilecorp.com Lexaria Closes First Tranche of Financing and Reports Results of

Lexaria Closes First Tranche of Financing and Reports

KELOWNA, BC March 29, 2016 - Lexaria Bioscience Corp. (OTCQB:

LXRP) (CSE: LXX) (the "Company" or "Lexaria") announces it has closed the first

tranche of the Convertible Debenture financing announced on February 18 for

gross proceeds of US$45,000. The Debenture pays 10% simple interest per annum,

with a 4 year term. Investors, at their sole option, have the right to convert

into equity at US$0.12 per share until August 31, 2016; at US$0.15 per share

until August 31, 2017; at US$0.20 per share until August 31, 2018; at US$0.25

per share until August 31, 2019; and, at US$0.30 per share until August 31, 2020

(the Debt Offering ).

No finder s fees are payable on this tranche of the financing.

All issued shares will be subject to a hold period, for any

resale into the USA under Rule 144, of six months and one day; and within Canada

subject to a hold period of not less than 4 months and a day.

Proceeds of the financing will be used for general working

capital and for administrative needs. The financing is subject to normal

regulatory approvals.

Lexaria also announces the results of shareholder voting at the

annual general meeting held on March 23, 2016.

For directors, voting was as follows:

17,594,050 Withheld/Abstain: 1,897

Bal Bhullar, For: 17,566,633

Withheld/Abstain: 29,314

Ted McKechnie, For: 17,571,366 Withheld/Abstain:

Nicholas Baxter, For: 17,576,316 Withheld/Abstain: 19,631

Appointment of Auditor:

For: 24,234,026 Withheld/Abstain:

Change of Name to Lexaria Bioscience Corp:

Against: 13,594 Withheld/Abstain: 0

Transact Other Business:

For: 21,522,938 Against: 2,724,099

Lexaria thanks its shareholders for their overwhelming support

and looks forward to a productive year to come.

The securities referred to herein will not be or have not

been registered under the United States Securities Act of 1933, as amended, and

may not be offered or sold

in the United States absent registration or an applicable

exemption from registration requirements.

Lexaria Bioscience is a food sciences company, with common

shares quoted in the USA with symbol LXRP and in Canada with symbol LXX. The

company searches for projects that could provide potential above-market

To learn more about Lexaria Corp. visit

www.lexariaenergy.com.

FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements. Statements

which are not historical facts are forward-looking statements. The Company makes

forward-looking public statements concerning its expected future financial

position, results of operations, cash flows, financing plans, business strategy,

products and services, competitive positions, growth opportunities, plans and

objectives of management for future operations, including statements that

include words such as "anticipate," "if," "believe," "plan," "estimate,"

"expect," "intend," "may," "could," "should," "will," and other similar

expressions are forward-looking statements. Such forward-looking statements are

estimates reflecting the Company's best judgment based upon current information

and involve a number of risks and uncertainties, and there can be no assurance

that other factors will not affect the accuracy of such forward-looking

statements. Access to capital, or lack thereof, is a major risk and there is no

assurance that the Company will be able to raise required working capital.

Current oil and gas production rates may not be sustainable and targeted

production rates may not occur. Factors which could cause actual results to

differ materially from those estimated by the Company include, but are not

limited to, government regulation, managing and maintaining growth, the effect

of adverse publicity, litigation, competition and other factors which may be

identified from time to time in the Company's public announcements and filings.

There is no assurance that the medical marijuana, CBD sector, or alternative

health businesses will provide any benefit to Lexaria, or that the Company will

experience any growth through participation in these sectors. There is no

assurance that existing capital is sufficient for the Company's needs or that it

will need to attempt to raise additional capital. There is no assurance that any

planned corporate activity, business venture, or initiative will be pursued, or

if pursued, will be successful. There is no assurance that any cannabinoid-based

product will promote, assist, or maintain any beneficial human health conditions

whatsoever. No statement herein has been evaluated by the Food and Drug

Administration (FDA). ViPovaTM products are not intended to diagnose,

treat, cure or prevent any disease.

The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.