LexaGene Holdings Announces Closing of CAD$13.29 Million Financing

BEVERLY, Mass., Sept. 09, 2020 (GLOBE NEWSWIRE) — LexaGene Holdings Inc. (TSX VENTURE: LXG) (OTCQB: LXXGF) (“LexaGene” or the “Company“) is pleased to announce that it has closed its previously announced offering of units (the “Units”) for aggregate gross proceeds of approximately CAD$13.29 million (the “Offering”). The Company issued 15,640,000 Units at a price of CAD$0.85 per Unit, each Unit consisting of one common share of the Company (a “Share”) and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one Share at the price of CAD$1.10 per Share until September 9, 2023.
The Offering was conducted on a bought deal basis by Canaccord Genuity Corp. and Industrial Alliance Securities Inc. (the “Underwriters”). On closing, the Company issued the Underwriters an aggregate of 1,094,800 broker warrants (the “Broker Warrants”), each Broker Warrant entitling the holder to purchase one Share at the price of CAD$1.10 per Share until September 9, 2023.Dr. Jack Regan, CEO and Founder of LexaGene states, “Over the last four years, LexaGene has constantly been gaining momentum. This financing will allow us to complete the transformation of going from strictly an R&D company, to one that is supporting manufacturing and sales. This is a very exciting time to be part of LexaGene as we look to make an impact on multiple market verticals.”The Units were offered by way of a short form prospectus in all of the provinces of Canada except Quebec pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Company intends to use the net proceeds of the Offering to build inventory to meet anticipated demand, expand its sales and marketing efforts and for general corporate purposes.The securities offered have not been, nor will they be, registered under the U.S Securities Act or any state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, to person in the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities) absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.ON BEHALF OF THE BOARDFor further information, please contact:Media Contacts
Nicole Ridgedale
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
[email protected]
Investor Relations
Jay Adelaar
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
[email protected]
About LexaGene Holdings Inc.LexaGene is a molecular diagnostics company that develops genetic analyzers for pathogen detection and other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab analyzer delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately one hour. The unique open-access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.Forward-Looking InformationThis news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors — including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues — that could cause actual results to differ materially from the Company’s expectations as disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Forward–looking statements are necessarily based upon a number of estimates and assumptions that, ‎while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors ‎which may cause the actual results and future events to differ materially from those expressed or implied ‎by such forward–looking statements. These forward-looking statements include, but are not limited to, ‎statements to the ‎intended use of the net proceeds of the Offering.‎ Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Resource News, Oil and Gas News, Mining News, Renewable News

Resource News

Oil, Gas, Mining & Metals

Start typing and press Enter to search

shares