December 30, 2009 (FinancialWire) — Lexaria Corp. (OTCBB: LXRP) has closed a private placement of 1,617,752 units at a price of $0.12 per unit for gross proceeds of $194,130.

Each unit consists of one common share in the capital of the company and one half of a non-transferable share purchase warrant, each full warrant entitling the holder to purchase one additional common share in the capital of the company until December 24, 2010, at a purchase price of CDN$0.22 per share. This was less than the maximum amount the company could have raised in this financing which would have been 1,900,000 units at CDN $0.12 per unit to raise gross proceeds of up to CDN$228,000.

The company plans to use the proceeds in part for operations on its Belmont Lake oil field and for general working capital.

Canada-based Lexaria is exploring for and developing oil and natural gas assets in low-risk areas of Canada and the United States. In its first year of operations, Lexaria participated in drilling wells in Mississippi, Oklahoma, and Alberta.

Its current focus is oil development and exploration in Mississippi and is producing both natural gas and oil from various wells.

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