. (OTCQX: LXRP, CSE: LXX), the drug delivery firm, has arranged a private placing to raise around US$1 million gross to advance the business.
The financing is comprised of units priced at 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 following closing.
The net proceeds will be used to fund construction and development of the company's new Canadian-based laboratory; to accelerate Lexaria-developed R&D; and for general corporate purposes.
Lexaria has received building permits to begin renovations required for a new, larger head office located in Kelowna, Canada.
That includes for constructing a new laboratory that, after submission to Health Canada for an R&D license and subsequent expected approval in 2019, will become Lexaria's new headquarters for global R&D (research and development) across all molecule classes.
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.