NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
VANCOUVER, British Columbia, June 11, 2018 — Lexington Biosciences, Inc. (CSE:LNB) (OTCQB:LXGTF) (the “Company” or “Lexington”) announces that it has amended the terms of its previously announced brokered private placement being led by Gravitas Securities Inc. and Canaccord Genuity Corp. (the “Agents”) (see news release dated May 4, 2018). Pursuant to the amended terms, the Company now intends to sell, by way of a private placement up to 8,000,000 units of the Company (“Units”) at a price of $0.25 per Unit (the “Issue Price”) for gross proceeds of up to $2,000,000 (the “Offering”).
Each Unit will consist of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will be exercisable into one common share of the Company for a period of 36 months at a price of $0.375, subject to early expiration in certain circumstances.
In addition, the Agents have been granted the option to sell up to an additional 8,000,000 Units at the Issue Price, for additional gross proceeds of a further $2,000,000, exercisable in whole or in part at any time prior to the closing of the Offering.
The Company intends to use the net proceeds of the Offering to advance the development of the Company’s HeartSentry measurement device and for general working capital purposes.
The Offering may be completed in multiple closings, with the final closing expected to now occur on or before June 30th, 2018, subject to the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued pursuant to the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, asamended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Lexington Biosciences, Inc. (CSE:LNB) (OTCQB:LXGTF)
Lexington Biosciences, Inc. is a medical device company developing the HeartSentry, a new non-invasive diagnostic device to measure and monitor cardiovascular health by assessing the function of a person’s vascular endothelium – the vital innermost lining of the cardiovascular system. Currently, the standard of care is measurement using expensive external ultrasound by a highly trained technician. The HeartSentry core technology was developed at the University of California Berkeley over a fifteen-year R&D period involving many research studies and product iterations resulting in a portfolio of multiple pending and issued patents licensed to the company. Our aim is to make HeartSentry accurate, quick, and cost effective so it can become the standard of care for cardiologists, general practitioners, and ultimately patients for first line evaluation of a person’s cardiovascular health. Lexington is engaged with the US FDA and other regulatory agencies on the required product approvals for the HeartSentry. For more information about the company please visit: https://lexingtonbiosciences.com/.
On Behalf of the Board,
CEO & Director
CAUTIONARY DISCLAIMER STATEMENT: The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the Offering and other statements that are not historicalfacts. Forward- looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” andsimilar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include those relating to the ability tocomplete the Offering on the terms described above and other risks detailed from time to time in the filings made by theCompany with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to beincorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result ofnumerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expresslyqualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward- looking statements as expressly required by applicable law.
Historical Press Releases
This website contains historical and archived press releases for Lexington BioSciences Inc.. The information in these press releases is historical in nature, has not been updated, and is current only to the date indicated in the particular press release. This information may no longer be accurate and therefore you should not rely on the information contained in these press releases. To the extent permitted by law, Lexington BioSciences Inc.. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.