Lexaria Bioscience (LEXX, Financial) has secured a definitive agreement with an institutional investor to conduct a registered direct offering of its common stock. Under the terms, the company will issue 2,000,000 shares at a price of $1.00 per share.
This transaction is anticipated to close on or around April 28, pending the fulfillment of standard closing conditions. H.C. Wainwright & Co. has been appointed as the sole placement agent for this offering.
Lexaria Bioscience expects to generate gross proceeds of $2 million from this offering, prior to the deduction of placement agent fees and other related expenses. The company plans to allocate the net proceeds towards working capital and other general corporate purposes.
