/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, Nov. 28, 2017 /CNW/ - LexaGene Holdings
Inc. (TSX VENTURE: LXG) (OTCQB: LXXGF)
("LexaGene" or the "Company") is pleased to announce that it has
entered into an agreement with a syndicate of underwriters led by
Canaccord Genuity Corp. (the "Underwriters") pursuant to which the
Underwriters have agreed to purchase, on a bought deal basis
pursuant to the filing of a short form prospectus, an aggregate of
4,360,000 units (the "Units") at a price of $1.15 per Unit (the "Offering Price") for
aggregate gross proceeds to LexaGene of $5,014,000 (the "Offering").
Each Unit will consist of one common share of the Company (a
"Common Share") and one half of one Common Share purchase warrant
(each whole Common Share purchase warrant, a "Warrant"). Each
Warrant will be exercisable to acquire one Common Share (a "Warrant
Share") for a period of 36 months following the closing of the
Offering (the "Closing") at an exercise price of $1.45 per Warrant Share.
The Company has granted the Underwriter an option (the
"Over-Allotment Option"), to purchase up to an additional 654,000
Units at a price of C$1.15 per Unit,
exercisable at any time, for a period of 30 days after and
including the Closing Date. The Over-Allotment Option is
exercisable to acquire Units, Common Shares and/or Warrants (or any
combination thereof) at the discretion of the Underwriter.
The net proceeds of the Offering will be used to advance the
commercializing process of the Company's Microfluidic technology
and general corporate purposes.
The Units will be offered by way of a short form prospectus to
be filed in all provinces of Canada except Quebec. The Company intends to use the net
proceeds from the Offering for funding its international expansion,
accelerating the deployment of its technology and for working
capital purposes. The Offering is expected to close on December 19, 2017 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and stock exchange approvals, including the
approval of the TSX Venture Exchange and the applicable securities
regulatory authorities.
The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable
exemption from the registration requirements. This news release
will not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the securities in any
state in which such offer, solicitation or sale would be
unlawful.
To be added to the LexaGene email distribution list, please
subscribe on the LexaGene website.
ON BEHALF OF THE BOARD "Jack Regan"
Jack Regan: Founder, Chief
Executive Officer, and Director
For further information, please contact:
Caitlin Kasunich
(ckasunich@kcsa.com)
About LexaGene Holdings Inc.
LexaGene is a biotechnology company developing the very first
fully automated pathogen detection platform that is open-access.
The open-access feature will empower end-users to target any
pathogen of interest, as they can load their own real-time PCR
assays onto the instrument for customized pathogen detection.
End-users simply need to collect a sample, load it onto the
instrument with a sample preparation cartridge, and press 'go'. The
instrument is expected to offer excellent sensitivity, specificity,
and breadth of pathogen detection. The instrument will be able to
process six samples at a time, in an on-demand fashion, returning
results in about 1 hour. The company expects to sell its technology
in the food safety, veterinary diagnostics, water quality
monitoring, and aquaculture pathogen surveillance markets.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This
news release contains forward-looking information, which involves
known and unknown risks, uncertainties and other factors that may
cause actual events to differ materially from current expectation.
Important factors -- including the availability of funds, the
results of financing efforts, the success of technology development
efforts, the cost to procure critical parts, performance of the
instrument, market acceptance of the technology, regulatory
acceptance, and licensing issues -- that could cause actual results
to differ materially from the Company's expectations as disclosed
in the Company's documents filed from time to time on SEDAR (see
www.sedar.com). Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. The company disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE LexaGene Holdings Inc.