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VANCOUVER, BC – (July 28, 2017) – Lexington Biosciences, Inc. (CSE: LNB)( OTC: LXGTF) (the “Company” or “Lexington”), a development-stage medical device company operating within the healthcare industry, is pleased to announce, further to its news release of June 16, 2017, that the Company has closed a non-brokered private placement of 920,000 units of the Company (the “Units”) at $0.25 per Unit for gross proceeds of $230,000 (the “Offering”).
Each Unit consisted of one common share in the capital of the Company (the “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.40 on or before July 27, 2018.
The Company has paid an eligible finder a cash commission in the amount of $10,400, being 8% of the aggregate proceeds from the sale of Units to purchasers introduced by the finder and issued non-transferrable warrants (“Finder’s Warrants”) to the finder to acquire up to a total of 41,600 Shares, being 8% of the number of Units sold to purchasers introduced by the finder. Each Finder’s Warrant entitles the holder to purchase one Share at a price of $0.40 per Share on or before July 27, 2018.
All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation ending on November 28, 2017. The net proceeds received from the Offering will be used for general working capital of the Company.
About Lexington Biosciences, Inc.
Lexington Biosciences is a medical device company that is 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 a person’s cardiovascular system. Traditionally, this has only been measured using ultrasound and other complex, difficult to use technologies. The HeartSentry technology core research was created at the University of California Berkeley over a fifteen-year period involving many studies and product iterations resulting in a portfolio of multiple pending and issued patents licensed to the company. The company is in the final stages of releasing the developed product for clinical studies. The 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 www.lexingtonbiosciences.com and watch our video.
Chief Executive Officer and Director
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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.
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.