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LexaGene to raise a maximum of C$10M via public offering

LexaGene Holdings Inc. said it plans to raise up to C$10 million via a public offering.

The Beverly, Mass.-based biotechnology company will offer a minimum of 6,730,770 units and a maximum of 19,230,769 at 52 Canadian cents apiece, for minimum gross proceeds of about C$3.5 million and a maximum of about C$10 million.

Each unit consists of 1 common share and 1 warrant to purchase an additional common share of the company. Each warrant comes with an exercise price of 75 Canadian cents and will expire 36 months after the date of issue.

LexaGene intends to use the net proceeds for research and development, marketing and general corporate purposes. Additional proceeds will be used to fund building the company's inventory and initial commercial sales, subject to the amount raised.

Industrial Alliance Securities Inc. is the sole agent and sole book runner for the offering which is expected to close on or by Oct. 10, subject to approvals.

The company has granted a 30-day option to the underwriter to purchase any combination of common shares and warrants up to 15% of additional units issued under the maximum offering.