Public offering slated to fund development, drilling, working capital
By Devika Patel
Knoxville, Tenn., July 3 - Lexaria Corp. priced a $3 million direct participation offering of units in a prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company will sell 20 million units of one common share and a warrant at $0.15 per unit. The whole warrants are exercisable at $0.30 for one year. The strike price reflects a 66.67% premium to the July 2 closing share price of $0.18.
Proceeds will be used for development, drilling and working capital.
Lexaria is a Vancouver, B.C.-based oil and gas company.
| Issuer: | Lexaria Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $3 million
|
| Units: | 20 million
|
| Price: | $0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.30
|
| Pricing date: | July 3
|
| Stock symbol: | OTCBB: LXRP
|
| Stock price: | $0.18 at close July 2
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