Transition report pursuant to Rule 13a-10 or 15d-10

Subsequent Events

Subsequent Events
10 Months Ended
Aug. 31, 2014
Subsequent Events [Text Block]

Subsequent Events


Subsequent to year end, on September 22, 2014, Lexaria closed a private placement by issuing 305,200 units at a price of $0.15 per unit for gross proceeds of $45,780. Each Unit consists of one common share of the Company and one full non-transferable Share purchase warrant (“Warrant”). Each Warrant will be exercisable into one further Share (a “Warrant Share”) at a price of US$0.25 per Warrant Share for a period of eighteen (18) months following closing.


Subsequent to year end, on November 12, 2014, the Company has signed an agreement with PoViva and acquired 51% of PoViva with an initial consideration of US$50,000. Lexaria will serve as the Manager of BusinessOperations of PoViva’s Teas. As Manager, Lexaria will oversee aspects of thebusiness including, but not limited to, Accounting, Marketing, Capital Investment, Capital Raising,Sales, Branding, Advertising and Fulfillment. The Founders will serve as Production Manager and be responsible for all aspects of production, product quality, licensing, testing, and product legality. It is also expected that both parties to this Agreement will assist the other to fulfill their obligations as needed and the cost of business will be borne by revenues earned by the company and general corporate funds


Subsequent to year end, on November 26, 2014 a Purchase and Sale Agreement was entered into between Lexaria Corporation, and Cloudstream Belmont Lake, LP for the purchase and sale of oil and gas working interests, net revenue interests and other interests in Belmont Lake, Mississippi for total consideration of $1,400,000. The scheduled closing date of the Purchase and Sale Agreement is December 5, 2014. For additional details in regards to the purchase and sale, refer to the full copy of the Purchase and Sale Agreement attached hereto as an exhibit to this current report.


Subsequent to year end 110,000 shares that were issued to Chris Hornung on April 24, 2014 were returned back to the Company’s treasury.