LEXXW - Lexaria Bioscience Announces Closing of $2.0 Million Public Offering
(TheNewswire)
Kelowna, British Columbia – TheNewswire - May 11, 2023 -Lexaria Bioscience Corp. (Nasdaq:LEXX) (Nasdaq:LEXXW) (the"Company" or "Lexaria"), a global innovator indrug delivery platforms, today announced the closing of its publicoffering of 2,106,000 units, with each unit consisting of one share ofcommon stock and one warrant to purchase one share of common stock.Each unit was sold at a public offering price of $0.95. The warrantsin the units are immediately exercisable at a price of $0.95 pershare and expire five years from the date of issuance. The shares ofcommon stock and accompanying warrants were only purchasable togetherin this offering, but were issued separately and were immediatelyseparable upon issuance.
Gross proceeds, before deducting placement agent feesand other offering expenses, were approximately $2.0 million.
Maxim Group LLC acted as sole placement agent inconnection with this offering.
The securities described above were offered pursuant toa registration statement on Form S-1, as amended (File No. 333-271096)(the “Registration Statement”), which was declared effective bythe Securities and Exchange Commission (the "SEC") on May8, 2023. The offering was made only by means of a prospectus which isa part of the Registration Statement. A copy of the final prospectusrelating to the offering has been filed with the SEC and may beobtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York,NY 10022, at (212) 895-3745.
This press release shall not constitute an offer tosell or a solicitation of an offer to buy any of the securitiesdescribed herein, nor shall there be any sale of these securities inany state or other jurisdiction in which such offer, solicitation orsale would be unlawful prior to the registration or qualificationunder the securities laws of any such state or otherjurisdiction.
About Lexaria Bioscience Corp.
Lexaria Bioscience Corp.'s patented drug deliverytechnology, DehydraTECH™, improves the way active pharmaceuticalingredients (APIs) enter the bloodstream through oral delivery. Since2016, DehydraTECH has repeatedly demonstrated the ability to increasebio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors andmore. DehydraTECH has also evidenced an ability to deliver some drugsmore effectively across the blood brain barrier. Lexaria operates alicensed in-house research laboratory and holds a robust intellectualproperty portfolio with 30 patents granted and many patents pendingworldwide. For more information, please visit www.lexariabioscience.com .
Forward-Looking Safe HarborStatement
This press release includes forward-looking statements. Statements assuch term is defined under applicable securities laws. Thesestatements may be identified by words such as "anticipate,""if," "believe," "plan,""estimate," "expect," "intend,""may," "could," "should,""will," and other similar expressions. Such forward-lookingstatements are estimates reflecting theCompany's best judgment based upon current information and involve anumber of risks and uncertainties, and there can be no assurance thatthe Company will actually achieve the plans, intentions, orexpectations disclosed in these forward-looking statements. As such,you should not place undue reliance on these forward-lookingstatements. Factors which could cause actual results to differmaterially from those estimated by the Company include, but are notlimited to, government regulation and regulatory approvals, managingand maintaining growth, the effect of adverse publicity, litigation,competition, scientific discovery, the patent application and approvalprocess, potential adverse effects arising from the testing or use ofproducts utilizing the DehydraTECH technology, the Company's abilityto maintain existing collaborations and realize the benefits thereof,delays or cancellations of planned R&D that could occur related topandemics or for other reasons, and other factors which may beidentified from time to time in the Company's public announcements andperiodic filings with the US Securities and Exchange Commission onEDGAR. The Company provides links to third-party websites only as acourtesy to readers and disclaims any responsibility for thethoroughness, accuracy or timeliness of information at third-partywebsites. There is no assurance that any of Lexaria's postulated uses,benefits, or advantages for the patented and patent-pending technologywill in fact be realized in any manner or in any part. No statementherein has been evaluated by the Food and Drug Administration (FDA).Lexaria-associated products are not intended to diagnose, treat, cureor prevent any disease. Any forward-looking statements contained inthis release speak only as of the date hereof, and the Companyexpressly disclaims any obligation to update any forward-lookingstatements or links to third-party websites contained herein, whetheras a result of any new information, future events, changedcircumstances or otherwise, except as otherwise required bylaw.
Investor Contact:
George Jurcic - Head of InvestorRelations
ir@lexariabioscience.com
Phone: 250-765-6424, ext 202
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