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LexaGene Completes C$5.8M Bought Deal Financing

This article has been updated to correctly reflect the price of the bought deal financing in Canadian dollars. 

NEW YORK (GenomeWeb) – LexaGene announced today that it has closed its previously announced bought deal financing, raising gross proceeds of about C$5.8 million ($4.4 million)

The firm, which first announced the offering last month, said it sold about 5.8 million units of stock at an offering price of $1.00 per unit. Each unit consisted of one common share and one-half of one common share purchase warrant, with each warrant entitling the holder to acquire one share at a price of $1.30 per common share until July 11, 2021.

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

LexaGene, which trades on the Toronto Stock Exchange, said that it will use the proceeds to accelerate the commercialization and deployment of the firm's microfluidic technology and for working capital purposes.