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)      February 17, 2017

LEXARIA BIOSCIENCE CORP.
(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code      (250) 765-6424

N/A
(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 the Exchange Act (17 CFR 240.13e -4(c))

On February 17, 2017, Lexaria Bioscience Corp. (the “Company” or “Lexaria”) announced it has received US$57,001.80 from the exercise of stock options previously granted. The stock options were exercised at prices of US $0.14 and US$0.2273 for a total of 366,000 common shares being issued. All options are being exercised by third parties who are neither officers nor directors of the Company.

As per a contract entered in July 2016, the Company is obligated to pay a US$4,000 monthly fee to a director. The Company and the director have agreed to settle the outstanding amount of US$16,000 for the four months to February 28, 2017 through the issuance of 29,091 restricted common shares.

No commissions or placement fees have been paid related to the funds received from this option exercise. Proceeds will be used for general corporate purposes.

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The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

A copy of the news release announcing that Lexaria has received US$57,001.80 from the exercise of stock options previously granted. is filed as exhibit 99.1 to this current report and is hereby incorporated by reference.

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.