WEB NEWS Deal Flow
Item 1.01 Entry into a Material Agreement
Item 3.02 Unregistered Sales of Equity Securities
The Company appointed Mr. Jeff Paikin to its Advisory Board for a period of not less than one year, but to be determined by certain performance thresholds described in the letter. Upon signing of the letter of acceptance the Company issued 110,000 common shares at a deemed price of $0.39. Based on the milestones listed in the letter, Mr. Paikin can be eligible to receive up to a total of 525,000 common shares of the Company.
The Company issued the 110,000 common shares at a deemed price of $0.39 per the terms of the Letter to one (1) non-US persons in an off-shore transaction pursuant to the exemption from registration provided for under Regulation S, promulgated under the United States Securities Act of 1933, as amended.
The securities referred to herein will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Comments & Business Outlook
KELOWNA, BC / ACCESSWIRE / April 1, 2014 / Lexaria Corp. (LXRP-OTCQB) (LXX-CSE ) (the "Company" or "Lexaria") is pleased to announce it has eliminated $193,333 in existing debts through the conversion of those debts into equity units priced at US$0.35 each.
Lexaria entered into convertible debt agreements in 2010 that allowed for the conversion of those debts at US$0.35 per unit, into equity units comprised of a restricted common share and a warrant good to purchase one additional restricted common share for a period of one year after issuance, priced at US$0.40 per share.
Three existing creditors have informed the Company of their desire to convert their debts and therefore the Company has issued 552,380 equity units to retire debt of US$193,333.
"Lexaria has always been fortunate to have the support of its stakeholders, and we are pleased that these lenders have decided to participate in our exciting future through share ownership," said Chris Bunka, CEO of Lexaria Corp.
Lexaria has been building its team of experts and consultants in all aspects of its business and expects to continue this growth in the near future.
Unrelated, Lexaria also reports it has entered into an internal IR and Corporate Development consulting contract good for 90 days, and will pay US$3,000 per month and issue 100,000 stock options under the terms of this contract.
Deal Flow
KELOWNA, BC / ACCESSWIRE / Mar 21, 2014 / Lexaria Corp. (OTCQB: LXRP) (CSE: LXX) (the "Company" or "Lexaria") is pleased to announce it has closed its Private Placement financing announced on March 5 for gross proceeds of $1,272,000. The financing was originally announced for $960,000 but was expanded due to overwhelming demand.
Lexaria will issue 10,600,000 common shares at US$0.12 and 10,600,000 full warrants that expire on September 21, 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$0.40 cents for 20 consecutive days at any time after 6 months and one day has elapsed.
Officer and Directors of Lexaria participated for $48,008 in the above private placement.
“Lexaria thanks its many supporters for their rapid action to close this financing and help enable us to move our Company forward,” said President Chris Bunka. “For many years, Lexaria has been blessed with supportive shareholders who have believed in us and our efforts, and we always recognize that without their support, Lexaria would not be able to build its business and add value today.”
Finders’ fees of 816,000 restricted common shares of the Company were issued, and cash finders’ fees of $16,800 were paid to various brokers.
With this financing completed and funds settled in the bank, Lexaria will endeavor to close its first medical marijuana operations opportunity as quickly as possible. Further announcements 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.
