I was curious so found a helpful website to explain difference between what lexington initially tried to offer to a small group of investors (Brokered) and what eventually they now offer (Non Brokered) offering that will close in Q4
https://investingnews.com/daily/resource-investing/bought-deal-best-efforts-private-placement-brokered-nonbrokered/
At their core, private placements are fairly simple to understand — they are essentially offerings in which securities are sold to a small number of investors.
When selecting how to undertake a private placement, companies must thus weigh their current debt/equity ratio and determine their best course of action for long-term stability.
Using a broker
Deciding between a brokered and nonbrokered private placement is also an important step for companies. That said, the two are for the most part identical except for one major difference — the latter (Non Brokered) involves a company selling securities directly to investors instead of hiring a broker to do so.
There are numerous reasons a company might opt not to go with a broker. For one, eliminating a broker saves time and money. Companies that use nonbrokered private placements also face fewer regulations. Case in point: nonbrokered private placements do not require companies to register securities with the US Securities and Exchange Commission.
Of course, going it alone can come with disadvantages. Not having a broker can lead companies to devote too much time and energy to selling their securities. Brokers also tend to have more industry contacts they can use to sell securities, giving them a leg up over companies.
Finally, there’s the chance that opting for a nonbrokered private placement could reflect negatively on the company involved, making it appear as if it has been unable to secure a broker willing to sell its securities.
As you recall from their recent release yesterday,
https://seekingalpha.com/pr/17309940-lexington-provides-q3-corporate-review
During this same period, the Company (Lexington) commenced a brokered private placement offering in Canada that ultimately was unsuccessful due to prevailing market conditions. Currently, the Company has a non-brokered private placement open which is anticipated to close during Q4.
If you believe in the value of this product as i do, Let's hope that investors see the potential in this (literally) life saving device. It reminds me of the stories already being reported as Apple watch users suddenly find their watches alerting them that a problem has been detected (i.e. heart/ blood pressure/ Arythmia problem) and should seek medical advice. https://med.stanford.edu/appleheartstudy.html
(BTW, wait until you see / hear of a slew of 'bio wearables' hitting the market in 2019, including Ecg/ekg in waistband underwear, mood lighting/ stress detection clothing and other bio detection outerwear.)
CHeers!