UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
November
26, 2014
LEXARIA CORP.
(Exact name
of registrant as specified in its charter)
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Nevada
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000-52138
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20-2000871
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(State or other jurisdiction of
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(Commission File Number)
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(IRS Employer Identification No.)
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incorporation)
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#950 – 1130 West Pender Street, Vancouver, British
Columbia, Canada V6E 4A4
Registrant's telephone number, including area code:
(604)
602-1675
____________________________________________________
(Former
name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant to
Rule 13e-4(c) under Exchange Act (17 CFR 240.13e -4(c))
Item 1.01 Entry into a Material Definitive Agreement
Item 2.01 Disposition of Asset
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.
Item 7.01 Regulation FD Disclosure.
A copy of the news release announcing the sale of Belmont Lake
is filed as exhibit 99.1 to this current report and is hereby incorporated by
reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: December 1, 2014
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Lexaria Corp.
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(Signature)
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By: “
/s/ Chris Bunka”
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Chris Bunka
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President & CEO
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Lexaria Enters Agreement to Sell Belmont Lake Oil
Assets
KELOWNA, BC—December 1, 2014 - Lexaria Corp. (OTCQB: LXRP)
(CSE: LXX) (the "Company" or "Lexaria") announces it has entered an agreement to
sell all its Belmont Lake oil assets in an all-cash transaction of $1.4 million
to Cloudstream Belmont Lake, LP, of Houston Texas. The transaction is in the
process of closing.
Lexaria is using the proceeds of the sale to retire all
corporate debt, and to further pursue its entry into legal medical marijuana in
Canada, and into Cannabidiol-fortified products in the USA, in those
jurisdictions where it is legal to do so. Lexaria will be debt-free for the
first time since 2007 and will not need to make monthly interest or principal
payments for the first time in roughly 7 years.
“It was not easy to sell our minority interests in the oilfield
in the environment of dropping oil prices this year,” said Chris Bunka, CEO of
Lexaria. “This lump-sum cash infusion enables us to execute our business plan in
the health and wellness sectors more aggressively than we were otherwise able.”
Lexaria has been in discussions with a number of interested
parties over a period of several months, as it worked to obtain the best terms
and conditions possible in the oil field sale for its shareholders, and is
confident it has obtained the best price possible in the current environment.
Lexaria has refined its business model in order to be as active
as possible within the confines of presently legal CBD-based industry sectors,
and the sale of the Belmont Lake Oil Field significantly accelerates our ability
to pursue this market as aggressively as possible. The Company believes its
potential growth rate in the CBD sector exceeds that which was possible at the
Belmont Lake Oil Field, and the timing of this asset sale is virtually perfectly
meshed with the Company’s plans for growth.
Following the recent acquisition of PoViva Tea; the Belmont
Lake oilfield asset sale; and the retirement of all corporate debt, Lexaria
expects to retain a cash balance of approximately US$1 million. Lexaria has no
plans for any corporate financing at this time.
About Lexaria
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:
Lexaria
Corp.
Chris Bunka
Chairman & CEO
(250) 765-6424
FORWARD-LOOKING STATEMENTS
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. 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, CBD sector, or alternative health businesses will provide any benefit to Lexaria, or that the Company will experience any growth through participation in
these sectors. There is no assurance that existing capital is sufficient for the Company’s needs or that it will need to attempt to raise additional capital.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
