LexaGene Announces Filing of Financial Statements, Revocation of MCTO & the Granting of Incentive Equity Awards to Employees
29 July 2022 - 9:58PM
LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG)
(“LexaGene” or the “Company”), a molecular diagnostics company that
has commercialized the MiQLab® System for automated PCR-based
syndromic testing in veterinary clinics, is pleased to announce
that the Company has filed its Canadian audited financial
statements for the year ended February 28, 2022 and the related
management's discussion and analysis and certifications and the
unaudited interim financial statements, management's discussion and
analysis and related certifications for the three-months ended May
31, 2022 (the "
Required Filings").
As a result, the management cease trade order
(“MCTO”) issued by the British Columbia Securities
Commission on June 30, 2022 has been revoked and is no longer in
effect.
The issuer Statements are available at
www.sedar.com.
The Company also announces that, pursuant to its
Omnibus Incentive Plan (“OIP”), 1,085,000 stock
options and 1,525,000 restricted share units were granted to
employees and to an officer of the Company. The Chief Executive
Officer, Chief Financial Officer and the board of directors were
excluded from this grant.
The stock options are exercisable at a price of
CAD$0.20 and vest 10% on January 29, 2023 and 15% each of the 6
months thereafter. 935,000 stock options have an expiry date of
July 29, 2027 and 150,000 stock options have an expiry date of July
29, 2032. On July 28, 2022, the last day that the Common Shares
traded prior to the granting of the stock options, the closing
price of the Common Shares on the TSX Venture Exchange was CAD$0.13
per share.
The restricted share units were granted to
employees and to an officer of the Company with a vesting schedule
of 10% on December 29, 2022, and 15% on May 29, 2023, October 29,
2023, March 29, 2024, August 29, 2024, December 29, 2024 and
February 28, 2025, respectively, and expire on February 28,
2025.
The incentive stock options and restricted share
unit awards were approved by the independent compensation committee
of LexaGene’s board of directors.
On Behalf of the Board of DirectorsDr.
Jack ReganChief Executive Officer &
Chairman
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.
For inquiries: 800.215.1824 | ir@lexagene.com or
info@lexagene.com
About LexaGene Holdings
Inc. LexaGene
is a molecular diagnostics company that has commercialized the
MiQLab® System for fast and easy detection of pathogens and other
molecular markers. The System is PCR-based, screens for 24 targets
at once, and is designed for on-site usage. Our customers include
veterinary hospitals and reference laboratories – as well as
contract biologic manufacturers. The MiQLab System delivers
excellent sensitivity, specificity, and breadth of detection and
returns results in approximately two hours. The MiQLab System is
also open-access, which allows end-users to load their own PCR
assays onto the System to target any genetic target of
interest.
The TSX Venture Exchange Inc. has in no way
passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectation. Important factors -- including the
availability of funds, the results of financing efforts, the
success of technology development efforts, the cost to procure
critical parts, performance of the instrument, market acceptance of
the technology, regulatory acceptance, and licensing issues -- that
could cause actual results to differ materially from the Company's
expectations as disclosed in the Company's documents filed from
time to time on SEDAR (see www.sedar.com). Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The company disclaims any intention or obligation, except to the
extent required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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