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LexaGene Closes C$5M Bought Deal Financing

NEW YORK (GenomeWeb) – LexaGene announced today that it has closed its previously announced bought deal financing, raising gross proceeds to itself of about C$5 million ($3.9 million).

The firm, which first announced the offering earlier this month, said it sold nearly 4.4 million units of stock at an offering price of C$1.15. Each unit consisted of one common share and half of one common share purchase warrant, with each warrant entitling the holder to acquire one share at a price of C$1.45 until Dec. 19, 2020.

A syndicate of underwriters led by Canaccord Genuity and including PI Financial and Echelon Wealth Partners conducted the offering.

LexaGene, which trades on the Toronto Exchange, said it will use the net proceeds to accelerate deployment of its microfluidic technology, fund its international expansion, and for working capital purposes.  

"This infusion will allow LexaGene to grow its operations in Massachusetts, and to build out a team of talented scientists and engineers to help us meet our development goals," LexaGene CEO Jack Regan said in a statement.