NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BEVERLY, Mass., May 08, 2020 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”) announces that further to its April 29, 2020 press release, it has received approval from the TSX Venture Exchange 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), 4,375,271 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. The Company originally announced that it had intended to amend the exercise price of the Warrants to $0.60 per Common Share and amend the terms of the acceleration clause; the Company has since received approval to amend the exercise price of the Warrants to $0.65 per Common Share. The terms of the acceleration clause will not be amended.
The Company has the right to accelerate the expiry of these Warrants at any time before the Expiry Date, if the weighted average trading price of the Shares on the TSX Venture Exchange (the “TSXV”) (or such other market as the Shares may trade from time to time) is $1.10 or more per share for five (5) consecutive trading days (the “Trigger Event”) by disseminating a press release advising of such acceleration within 30 days of a Trigger Event. The Warrants will, unless exercised, expire on the 30th day after the Company provides such written notice to the Holder. The Warrants may be exercised by the Holder during the 30 day period between the notice and the expiration of the Warrants.
All other terms of the Warrant remain the same.
ON BEHALF OF THE BOARD
“Daryl Rebeck”
Daryl Rebeck: President and Director
and
“Jack Regan”
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.
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
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.