Deal funds deployment and marketing of cannabidiol-based food products
By Devika Patel
Knoxville, Tenn., May 15 – Lexaria Corp. completed a $500,000 private placement of units on May 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 5 million units of one common share and one warrant at $0.10 per unit.
Each warrant is exercisable at $0.25 for two years. The strike price is a 38.89% premium to the May 14 closing share price of $0.18.
GMP Securities, Mackie Research and Peter Przygoda were paid a $32,900 cash finders’ fee and received 329,000 broker warrants.
Proceeds will be used for general working capital, administrative needs, to accelerate technology development and for deployment and marketing of cannabidiol-based gourmet food products.
Vancouver, B.C.-based Lexaria is a food sciences company focused on delivering cannabinoid compounds procured from legal, agricultural hemp.
| Issuer: | Lexaria Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $500,000
|
| Units: | 5 million
|
| Price: | $0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.25
|
| Settlement date: | May 15
|
| Stock symbol: | OTCBB: LXRP
|
| Stock price: | $0.18 at close May 14
|
| Market capitalization: | $7.28 million
|
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