Funds will be used to advance the business, including the construction of a new Canadian-based laboratory
(OTCQX: LXRP, CSE: LXX), the drug delivery firm, has increased the size of its previous placing due to strong demand and raised US$1,515,440 (gross).
The net proceeds will be used to fund the construction of the firm's new Canadian-based laboratory and to accelerate Lexaria-developed R&D (research and development). and for general corporate purposes.
The company issued 947,150 units at a price of US$1.60 each.
Each unit consists of one share and one share purchase warrant, which entitles the holder to acquire one share at US$2.25 each for 24 months.
"We thank both our new subscribers and those existing shareholders who supported this private placement, during unusually adverse market conditions - a testament to their belief in the vision and prospects of Lexaria," said Chris Bunka, chief executive of .
Lexaria's technology provides increases in intestinal absorption rates; more rapid delivery to the bloodstream; and important taste-masking benefits, for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine and other molecules.