LexaGene Holdings Inc (TSX-V:LXG, OTCQB:LXXGF) announced that it has closed the second tranche of its previously announced private placement to Meridian LGH Holdings LLC for gross proceeds of nearly C$1.9 million (US$1.5 million).
The private placement consisted of 5,384,275 units issued at the price of C$0.35 per unit for gross proceeds of C$1,884,496.25 (approximately US$1,453,754.25).
Each unit is comprised of one share of Lexagene and one warrant, with each warrant entitling the holder to purchase one common share of the company for a period of 36 months at a price of C$0.45.
READ: LexaGene says Meridian LGH agrees to make an investment totaling C$6,475,000 in the company
Meridian LGH Holdings is a Dallas, Texas-based subsidiary of Meridian Veterinary Capital LLC. The first tranche consisted of 13,115,725 units priced at C$0.35 per unit (approximately US$0.27 per unit) for gross proceeds of C$4,590,503.75 (approximately US$3,541,245.75), bringing the total investment to nearly $6.5 million.
Lexagene said it intends to use the proceeds to purchase inventory to manufacture more MiQLab Systems, supporting sales, marketing, and continued R&D.
Beverly, Massachusetts-based LexaGene is a molecular diagnostics company that develops molecular diagnostic systems for pathogen detection and genetic testing for other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing, and biodefense.
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