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NEW YORK (GenomeWeb) — LexaGene said today that it has closed an oversubscribed private placement, grossing C$2.8 million ($2.1 million).

Through the transaction, Beverly, Massachusetts-based LexaGene — which trades on the Toronto Stock Exchange — sold roughly 4.4 million units consisting of one common share and one warrant for C$.65 apiece. Each warrant can be used to purchase a common share of the company for C$.85 and is exercisable over the next 15 months, subject to certain conditions that trigger an accelerated expiry.

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