Full Press Release Details
Lexaria Closes Tranche of Financing and Issues Shares to
KELOWNA, BC April 15, 2016 - Lexaria Bioscience Corp. (OTCQB:
LXRP) (CSE: LXX) (the "Company" or "Lexaria") announces it has closed a tranche
of the Equity financing announced on February 18 for gross proceeds of
Each equity unit consists of one common share of the Company
and one non-transferable share purchase warrant, each warrant entitling the
holder to purchase one additional common share of the Company for a period of
eighteen months from the date of issuance, at a purchase price of US$0.15. A
finder s fee of $700 and broker s warrants good to buy 8,750 common shares at a
price of US$0.15 per share for a period of eighteen months from the date of
issuance were issued in relation to this 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 it is issuing 210,000 restricted common
shares and cash compensation of US$4,000 to the President of the Company for his
significant contribution to the December 2015 filing of two utility patent
applications on behalf of the Company, as per terms of a previously entered
management contract. Lexaria is also issuing 300,000 stock options to Mr
Docherty with an exercise price of US$0.11, as per his management contract.
As previously announced, Lexaria caused two new U.S.
provisional patent applications to be filed at the U.S. Patent and Trademark
Office in December, 2015. Those patent applications permit for broad application
of the Company s core technology across large product segments and the Company
is pleased to recognize the important contributions made by John Docherty,
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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.