/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, July 11, 2018 /CNW/ - LexaGene Holdings
Inc. (TSX VENTURE: LXG) (OTCQB: LXXGF)
("LexaGene" or the "Company") has closed its previously announced
bought deal offering of units (the "Offering") for aggregate
gross proceeds of $5.75
million. In connection with this closing the
underwriters exercised the over-allotment option in full. As
a result, the Company issued 5,750,000 units at a price of
$1.00 per unit, each unit consisting
of one common share and one –half of one common share purchase
warrant. Each whole warrant entitles the holder to purchase,
subject to adjustment in certain circumstances, one additional
common share at a price of $1.30 per
common share until July 11, 2021.
The financing was led by Canaccord Genuity Corp. and included
Echelon Wealth Partners Inc. The Company issued to the
underwriters an aggregate of 402,500 compensation warrants, each
compensation warrant entitling the holder to purchase one common
share of the Company at a price of $1.00 per share until July
11, 2021.
The net proceeds of the Offering will be used to accelerate the
commercialization and deployment of the Company's
Microfluidic technology and for working capital purposes.
The Offering was completed by way of a short form prospectus
filed in all of the provinces of Canada except Quebec. The securities
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.
ON BEHALF OF THE BOARD
"Daryl Rebeck"
Daryl Rebeck: President and
Director
and
"Jack Regan"
Dr. Jack Regan: Founder, Chief
Executive Officer, and Director
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.
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.
The TSX Venture Exchange has in no way passed upon the merits
of the proposed transaction and has neither approved nor
disapproved the contents of this news 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.
SOURCE LexaGene Holdings Inc.