LexaGene Holdings announces $5M bought deal

LexaGene Holdings Inc.



News Release

LEXAGENE HOLDINGS INC. ANNOUNCES C$5.0 MILLION BOUGHT DEAL

VANCOUVER, British Columbia, November 28, 2017 – LexaGene Holdings Inc. (OTCQB: LXXGF; TSX-V: LXG) (the “Company”) has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp., pursuant to which the underwriters have agreed to purchase, on a bought deal basis, pursuant to the filing of a short form prospectus, an aggregate of 4.36 million units at a price of $1.15 per unit for aggregate gross proceeds to Lexagene of $5,014,000.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share for a period of 36 months following the closing of the offering at an exercise price of $1.45 per warrant share.

The company has granted the underwriter an option to purchase up to an additional 654,000 units at a price of $1.15 per unit, exercisable at any time, for a period of 30 days after and including the closing date. The overallotment option is exercisable to acquire units, common shares and/or warrants (or any combination thereof) at the discretion of the underwriter.

The net proceeds of the offering will be used to advance the commercializing process of the company’s microfluidic technology and general corporate purposes.

The units will be offered by way of a short form prospectus to be filed in all provinces of Canada except Quebec. The company intends to use the net proceeds from the offering for financing its international expansion, accelerating the deployment of its technology and for working capital purposes. The offering is expected to close on Dec. 19, 2017, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

About Lexagene Holdings Inc.

Lexagene is a biotechnology company developing the very first fully automated pathogen detection platform that is open access. The open-access feature will empower end-users to target any pathogen of interest as they can load their own real-time PCR (polymerase chain reaction) assays onto the instrument for customized pathogen detection. The company expects to sell its technology in the food safety, veterinary diagnostics, water quality monitoring and aquaculture pathogen surveillance markets.