NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BEVERLY, Mass., April 23, 2020 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”) announces that it intends to amend the exercise price of the common share purchase warrants (the “Warrants”) issued on March 29, 2019.
In connection with a $2.65 million offering of units (net of costs), 4,634,686 Warrants were issued with an exercise price of $0.85 per common share of LexaGene (a “Common Share”). These Warrants have an expiry date of June 29, 2020. Subject to TSXV approval, the Company intends to amend the terms of the Warrants as follows:
- The exercise price of unexercised Warrants will be reduced to $0.60 per Common Share; and
- The acceleration clause of the Warrants will be amended such that if for the preceding 10 consecutive trading days, the closing price of the Company’s Common Shares is equal to or greater than $0.72, in which case the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th calendar day after the date of such notice.
All other terms of the Warrant remain the same.
Insiders of the Company presently hold less than 2.3% of the Warrants from this offering.
In addition, the Company is pleased to announce that it has engaged Native Ads, Inc., of New York, New York to perform strategic digital media services, marketing and data analytics services including but not limited to content development, video production and editing, website development, media buying and distribution, and campaign reporting and optimization. The promotional campaign is scheduled to begin in May and will continue until $150,000 USD of services are rendered.
ON BEHALF OF THE BOARD
Daryl Rebeck: President and Director
Dr. Jack Regan: Founder, Chief Executive Officer, and Chairman
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 return 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.
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
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.