Company sells units of shares, three-year warrants at $0.11 per unit
By Devika Patel
Knoxville, Tenn., June 3 – Lexaria Bioscience Corp. completed a $77,000 private placement of units on June 6, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on May 31.
The company sold 700,000 units of one common share and one half-share warrant at $0.11 per unit.
Each whole warrant is exercisable at $0.14 for three years. The strike price is a 40% premium to $0.10, the May 27 closing share price.
Proceeds will be used for deployment and marketing of hemp-based food products, investor relations and general working capital.
Vancouver, B.C.-based Lexaria, formerly Lexaria Corp., is a food sciences company focused on delivering cannabinoid compounds procured from legal, agricultural hemp.
| Issuer: | Lexaria Bioscience Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $77,000
|
| Units: | 700,000
|
| Price: | $0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.14
|
| Pricing date: | May 31
|
| Settlement date: | June 6
|
| Stock symbol: | OTCBB: LXRP
|
| Stock price: | $0.10 at close May 27
|
| Market capitalization: | $4.66 million
|
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