Lexaria takes in $45,000 through placement of convertible debentures

10% convertibles due Aug. 31, 2020 to have variable conversion prices

By Devika Patel

Knoxville, Tenn., March 29 – Lexaria Corp. settled a $45,000 first tranche of a private placement of 10% convertible debentures on March 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The debentures mature on Aug. 31, 2020. They are convertible into common shares at $0.12 per share until Aug. 31, 2016, at $0.15 per share until Aug. 31, 2017 and at $0.20 per share until Aug. 31, 2018. The notes may also be converted at a price equal to a 20% discount to the 10-day average closing price of the stock preceding conversion, with a floor of $0.15.

Vancouver, B.C.-based Lexaria is a food sciences company focused on delivering cannabinoid compounds procured from legal, agricultural hemp.

Issuer:	Lexaria Corp.
Issue:	Convertible debentures
Amount:	$45,000
Maturity:	Aug. 31, 2020
Coupon:	10%
Conversion price:	$0.12 per share until Aug. 31, 2016, at $0.15 per share until Aug. 31, 2017; at $0.20 per share until Aug. 31, 2018; or, a 20% discount to the 10-day average closing price of the stock preceding conversion, with a floor of $0.15
Warrants:	No
Settlement date:	March 29
Stock symbol:	OTCBB: LXRP
Stock price:	$0.14 at close March 28
Market capitalization:	$6.68 million

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