Deal provides financing for acquisitions, development of properties
By Susanna Moon
Chicago, July 21 - Lexaria Corp. registered a $5 million direct public offering of units in an S-1 filing with the Securities and Exchange Commission. The units consist of one common share and one warrant.
The company plans to sell 14,285,714 units at $0.35 per unit. Each whole warrant is exercisable at $0.50 for two years. The strike price is about a 72.41% premium to the closing price on July 19.
Proceeds will be used to fund acquisition and development of oil and gas properties.
Lexaria is a Vancouver, B.C.-based oil and gas company.
Issuer: | Lexaria Corp.
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Issue: | Units of one share and one warrant
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Amount: | $5 million
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Units: | 14,285,714
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Price: | $0.35
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Warrants: | One per unit
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Warrant strike price: | $0.50
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Pricing date: | July 21
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Stock symbol: | Pink Sheets: LXRP
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Stock price: | $0.29 at close July 19
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Market capitalization: | $3.81 million
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