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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.
To learn more about LexaGene and the MiQLab System or subscribe to company updates, visit www.lexagene.com, or follow us on Twitter or LinkedIn.