Lexston Life Sciences Corp. announced a non-brokered private placement consisting of up to 15,000,000 units at a purchase price of CAD 0.05 per unit to raise gross proceeds of up to CAD 750,000 on June 1, 2022. Each unit will consist of one common share and one share purchase warrant.

Each full warrant will entitle the holder to purchase one additional common share in the capital of the company for a period of five years, at a purchase price of CAD 0.075 per share. The company may pay a finder's fee in connection with the transaction within the maximum amount permitted by the policies of the Canadian Securities Exchange and the applicable securities laws. Certain directors, officers and insiders of the company may participate in the transaction.

The transaction is subject to several conditions, including receipt of all necessary corporate and regulatory approvals, including the exchange. All securities to be issued in connection with the private placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.