Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.7.0.1
Subsequent Events
 6 Months Ended
Feb. 28, 2017
Subsequent Events [Text Block]
18.

Subsequent Events

   
 

A total of 70,625 incentive stock options and 537,375 warrants were exercised for cash proceeds of $115,337.

   
 

On April 3, 2017 the Company closed a brokered private placement of 4,104,280 units of the Company at $0.42 per unit for total gross proceeds of $1,723,798. Each unit consists of one common share and one-half of one Share purchase warrant. Each full warrant entitles the holder to acquire one Share at a price of $0.60 per Share for a period of 24 months. A broker fee of 7% of cash ($120,665) and 7% warrants of issued securities 283,300 exercisable at $0.42 and 147,650 exercisable at $0.60 for 24 months.

   
  On April 10, 2017 the Company and Neutrisci International Inc. signed a joint venture agreement (the “JV”) to produce and commercialize a line of healthy, sugar-free, edible cannabinoid mouth-melt products which will utilize Lexaria’s patented technology and Neutrisci’s proprietary pterostilbene tablet form factor. The JV will be named Ambarii Trade Corporation (or similar) (“Ambarii”) and the initial operations will be fully and equally funded by both Lexaria and Neutrisci. Lexaria and Neutrisci will contribute their respective technologies to Ambarii by way of license agreement, and share profits derived from the JV on a 50/50 basis. Ambarii intends to secure licensees in California, Colorado and in Canada to manufacture and sell mouth-melt products containing THC. These products will combine the benefits of each of Lexaria’s and Neutrisci’s existing technologies and ingredient mixes. Ambarii also intends to develop hemp oil based mouth-melt products for distribution through networks including Neutrisci’s existing network of retail distributors as well as other methods.