Deal funds acquisition or building of medicinal marijuana operations
By Devika Patel
Knoxville, Tenn., March 21 - Lexaria Corp. settled a $1.27 million private placement of units on March 21, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 10.6 million units of one common share and a warrant at $0.12 per unit. The warrants are each exercisable at $0.25 for 18 months. The strike price reflects a 60.31% discount to the March 20 closing share price of $0.63.
Proceeds will be used for general working capital, administrative uses and for the acquisition or building of medicinal marijuana operations.
Finder's fees were paid to Cannacord Genuity, Wolverton Securities, Leede Financial Markets and PI Financial Corp.
Lexaria is a Vancouver, B.C.-based oil and gas company.
| Issuer: | Lexaria Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $1,272,000
|
| Units: | 10.6 million
|
| Price: | $0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $0.25
|
| Pricing date: | March 21
|
| Stock symbol: | OTCBB: LXRP
|
| Stock price: | $0.63 at close March 20
|
| Market capitalization: | $11.25 million
|
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