Lexaria Eliminates $193,333 of Debtadmin
KELOWNA, BC / ACCESSWIRE / April 1, 2014 / Lexaria Corp. (LXRP-OTCQB) (LXX-CSE) (the “Company” or “Lexaria”) is pleased to announce it has eliminated $193,333 in existing debts through the conversion of those debts into equity units priced at US$0.35 each.
Lexaria entered into convertible debt agreements in 2010 that allowed for the conversion of those debts at US$0.35 per unit, into equity units comprised of a restricted common share and a warrant good to purchase one additional restricted common share for a period of one year after issuance, priced at US$0.40 per share.
Three existing creditors have informed the Company of their desire to convert their debts and therefore the Company has issued 552,380 equity units to retire debt of US$193,333.
“Lexaria has always been fortunate to have the support of its stakeholders, and we are pleased that these lenders have decided to participate in our exciting future through share ownership,” said Chris Bunka, CEO of Lexaria Corp.
Lexaria has been building its team of experts and consultants in all aspects of its business and expects to continue this growth in the near future.
Unrelated, Lexaria also reports it has entered into an internal IR and Corporate Development consulting contract good for 90 days, and will pay US$3,000 per month and issue 100,000 stock options under the terms of this contract.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Lexaria’s shares are quoted in the USA with symbol LXRP and in Canada with symbol LXX. The company searches for projects that could provide potential above-market returns.
To learn more about Lexaria Corp. visit www.lexariaenergy.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chairman & CEO
This release includes forward-looking statements. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, weather, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. There can be no assurance that road or site conditions will be favorable for field work; no assurance that well treatments or workovers will have any effect on oil or gas production; no assurance that oil field interconnections will have any measurable impact on oil or gas production or on field operations, and no assurance that any expected new well(s) will be drilled or have any impact on the Company. There can be no assurance that expected oil and gas production will actually materialize; and thus no assurance that expected revenue will actually occur. There is no assurance the Company will have sufficient funds to drill additional wells, or to complete acquisitions or other business transactions. Such forward looking statements also include estimated cash flows, revenue and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration drilling. Adverse weather conditions including but not limited to surface flooding can delay operations, impact production, and cause reductions in revenue. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk and there is no assurance that the Company will be able to raise required working capital. Current oil and gas production rates may not be sustainable and targeted production rates may not occur. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company’s public announcements and filings. There is no assurance that the medical marijuana business will provide any benefit to Lexaria, and no assurance that the IR and Corporate Development contract will have any positive outcome for the Company.
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Lexaria Corp.
Posted: April 1st, 2014 under ACCESSWIRE.