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BEVERLY, Mass., Sept. 03, 2021 (GLOBE NEWSWIRE) — LexaGene Holdings Inc. (OTCQB: LXXGF; TSX-V: LXG) (the “Company”), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, today announces that it has filed and received a receipt for a preliminary short form base shelf prospectus (“Shelf Prospectus”) with the securities regulators in each of the provinces and territories of Canada.
The Shelf Prospectus, when made final, will allow the Company to make offerings of common shares, warrants, subscription receipts, debt securities, units or any combination thereof for up to an aggregate total of CAD$25 million during the 25-month period that the Shelf Prospectus is effective. If any securities are offered under the Shelf Prospectus, when made final, the terms of any such securities and the intended use of the net proceeds resulting from such offering would be established at the time of any offering and would be described in a prospectus supplement filed with the applicable Canadian securities regulators at the time of such an offering.
The Company has filed the Shelf Prospectus with the intention that once a receipt has been provided for a final short form base shelf prospectus, it will provide the Company with greater financial flexibility going forward. The Company, however, has not entered into any agreements or arrangements to authorize or offer any securities at this time. The Company ultimately may never issue any securities under this prospectus. The terms of any future securities offer will be made subject to applicable securities laws.
A copy of the Shelf Prospectus can be found under the Company’s profile on SEDAR at www.sedar.com.
Dr. Jack Regan, LexaGene’s Founder and CEO stated, “We made the decision to file the shelf prospectus to provide maximum flexibility as we continue to pursue growth initiatives in both the United States and Canada. Filing is good corporate governance and provides us the ability more readily raise capital to support LexaGene’s projected growth in the coming years.”
The Company may also use the Prospectus in connection with an “at-the-market distribution” in accordance with applicable securities laws, which would permit securities to be sold on behalf of the Company through the TSX Venture Exchange (the “TSXV”) (or other existing trading markets) as further described in the applicable prospectus supplement. To date, no agreement has been entered into with respect to such a distribution.
On Behalf of the Board of Directors
Dr. Jack Regan
Chief Executive Officer & Chairman
The securities being referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does 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 jurisdiction in which such offer, solicitation or sale would be unlawful.
About LexaGene Holdings Inc.
LexaGene is a molecular diagnostics company that develops molecular diagnostic systems for pathogen detection and genetic testing for other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab™ system delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately two hours. The unique open-access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors — including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues — that could cause actual results to differ materially from the Company’s expectations as disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.