Lexaria Corp. (CSE:LXX) announces it has closed a second tranche of its Private Placement financing announced on August 9 for gross proceeds of US$45,780.
Lexaria will issue 305,200 common shares at US$0.15 and 305,200 full warrants that expire on March 22, 2016 with an exercise price of US$0.25. The Company may accelerate the expiry date of the warrants if the stock price trades above CAD$0.60 cents for 20 consecutive days at any time after 6 months and one day has elapsed.
Further announcements regarding a subsequent tranche closing, and of developments in the medical marijuana sector, will be made as information becomes available.
All issued shares will be subject to a hold period, for any resale into the USA under Rule 144, of six months and one day. Proceeds of the Private Placement will be used for general working capital, for general and administrative needs, and for corporate opportunities in the medical marijuana sector. The Private Placement is subject to normal regulatory approvals.
