(TheNewswire)
Vancouver, British Columbia – TheNewswire - January 14, 2022. Lexston Life Sciences Corp. (the “Company” or “Lexston” )(CSE:LEXT) (CNSX:LEXT.CN) (OTC:LEXTF) wishes to make the following statements regardingcertain market activity surrounding its common shares (the”Shares”) traded on the OTCQB market pursuant to the request ofOTC Markets Group Inc. (“OTC Markets”).
1. The Shares of the Company started trading on theOTCQB market on November 15, 2021. On January 13, 2022 higher thanusual trading volumes of the Shares and two newsletters were broughtto the attention of the Company by OTC Markets. The Company observedincreased trading volumes of the Shares on the OTCQB market on January2, January 9, January 12 and January 13, 2022. The two newslettersare dated January 12, 2022 refer to several news releases of theCompany.
2. The Company, its officers and directors were notinvolved directly or indirectly with the creation, payment, ordistribution of these newsletters.
3. The management of the Company reviewed thenewsletters on January 13, 2022. It was deemed that the newsletterspresented some factual statements regarding the Company, its businessand industry, seemingly drawn from the Company's news releases. Whilethe Company agrees with the factual statements in the newsletters thatwere based on prior news releases, both newsletters includedinformation and promotional language that went beyond the factualstatements in the Company's news releases . The Company had noeditorial control over the content in the newsletters and is unawareof the full nature of the advertising activity or the responsibleparties.
4. TheCompany made inquiries and confirms that it is not aware of anydirectors, officers or shareholders owning 10% or more of theCompany's Common Shares, that may have directly or indirectly beeninvolved in any way with the creation or distribution of promotionalmaterials related to the Company, other than the preparation of theCompany's press releases, which were mentioned in the referencednewsletters.
5. With the exception of Mr. Bal, the CEO of theCompany, who purchased 20,000 Shares, and Mr. Kyle Remenda, a controlperson of the Company, who sold 74,000 Shares, to the knowledge of theCompany, no officer, director, control person or third-party serviceprovider has sold or purchased the Company’s securities within thepast 90 days. Mr. Bal and Mr. Remenda have reported theirtransactions on SEDI in compliance with insider reporting requirementsunder applicable securities laws. All directors, officers andreporting insiders are required to report their purchases and sales ofCompany securities on SEDI, and to, the knowledge of the Company, suchfilings are up to date in that regard.
6. During the last twelve months marketing andadvertising services to the Company have been provided by Amherst BaerConsultancy Corp. and TD Media LLC.
7. The Company has not issued any Shares orconvertible instruments allowing conversion to equity securities atprices that constituted a discount to the current market rate at thetime of the issuance of such Shares or convertible instruments, exceptfor the following.
On September 21, 2021, 1,173,709 common shares of the Company wereissued at a deemed price of $0.213 per one common share pursuant to anarm’s length acquisition. The market closing price of the shareson September 20, 2021 on the Canadian Securities Exchange (the“CSE”) was $0.23. The issue price of these shares was within the25% discount permitted by the Policies of the CSE.
The public disclosure record of the Company isavailable at www.sedar.com under the profile of the Company.
About Lexston Life SciencesCorp.
Lexston Life Sciences Corp. is a Canadian biotechnologycompany providing cannabis testing and research services. Lexston isalso in the process of securing licensing under the exemptionsprescribed by section 56 of the Controlled Drugs and Substances Act(Canada) to enable the expansion of its services into the psychedelicindustry with an initial focus on the detection and quantification ofpsychedelic molecules in the lab and point of care. Lexston intends todevelop and validate methods for standardized manufacturing of plant derived psychedelics in support ofburgeoning trials in the field of mental health and wellness.
On Behalf of the Board of Directors
LEXSTON LIFE SCIENCES CORP.
Jagdip Bal Chief Executive Officer
Telephone: (604) 928-8913
Forward-Looking Statements
This news release contains forward-looking statementsand information within the meaning of applicable securitieslegislation. Often, but not always, forward-looking statements andinformation can be identified by the use of words such as “plans”,“expects” or “does not expect”, “is expected”,“estimates”, “intends”, “anticipates” or “does notanticipate”, or “believes”, or variations of such words andphrases or state that certain actions, events or results “may”,“could”, “would”, “might” or “will” be taken, occur orbe achieved. Forward looking statements or information involve knownand unknown risks, uncertainties and other factors which may cause theactual results, performance, or achievements of LEXT to be materiallydifferent from any future results, performance or achievementsexpressed or implied by the forward-looking statements or informationcontained in this news release.
Risks, uncertainties, and other factors involved withforward-looking information could cause actual events, results,performance, prospects, and opportunities to differ materially fromthose expressed or implied by such forward-looking information. TheCanadian Securities Exchange has not reviewed and does not acceptresponsibility for the adequacy or accuracy of the content of thisnews release.
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