NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

BEVERLY, Mass., Sept. 25, 2019 (GLOBE NEWSWIRE) -- LexaGene Holdings Inc. (TSX VENTURE: LXG) (OTCQB: LXXGF) ("LexaGene" or the "Company") is pleased to announce that it has filed a preliminary short form prospectus (the “Prospectus”) with the securities regulatory authorities in each of the provinces of Canada, except the Province of Quebec, in connection with a proposed marketed offering of units (the “Units”) of a minimum amount of C$3,500,000 and a maximum of C$10,000,000 (the “Offering”). Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”), each Warrant entitling the holder to purchase one Common Share.

The Offering is being conducted on a “best efforts” agency basis by Industrial Alliance Securities Inc., the Company’s agent for the Offering in Canada (the “Agent”). The Units may also be offered for sale in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable state laws.

The number of Units to be distributed, the price per Unit and the exercise price and term of the Warrants will be determined in the context of the market before the filing of the final short form prospectus.

The net proceeds of the Offering will be used for research and development, marketing, general corporate purposes and possibly to support the building of inventory and initial commercial sales.

The Offering is subject to the Company and the Agent entering into a definitive agency agreement, and subject to the satisfaction of customary closing conditions, including the receipt of all necessary and stock exchange approvals.

The securities offered have not been, nor will they be, registered under the U.S Securities Act or any state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, to person in the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities) 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 Chairman

For further information, please contact:

Media Contacts
Nicole Ridgedale
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
nridgedale@lexagene.com

Investor Relations
Jay Adelaar
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
jadelaar@lexagene.com

About LexaGene Holdings Inc.

LexaGene is a biotechnology company that develops genetic analyzers for pathogen detection and other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The LX Analyzer delivers excellent sensitivity, specificity, and breadth of detection and can process multiple samples at a time, in an on-demand fashion, returning results in about 1 hour. The unique open-access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.

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.

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