- Today Innocan Pharma (INNO) has entered into securities purchase agreements for a private placement of its common shares to institutional investors.
- Innocan Pharma will issue about 9,679,000 common shares and warrants to purchase up to that amount at a combined price of $0.85 per share and associated warrant
- No securities will be offered for sale or sold in Canada
- On the CSE, Innocan Pharma’s stock value has increased over 350 per cent since last year
- Innocan Pharma Ltd. is a wholly-owned subsidiary pharmaceutical tech company that focuses on the development of several drug delivery platforms containing CBD
- Innocan Pharma Corporation (INNO) is down 21.7 per cent, trading at $0.83 per share at 11:41 a.m. ET
Today Innocan Pharma (INNO) has entered into securities purchase agreements for a private placement of its common shares to institutional investors.
It is for aggregated gross proceeds to Innocan Pharma of approximately $8.2 million.
Innocan Pharma will issue about 9,679,000 common shares and warrants to purchase up to that amount at a combined price of $0.85 per share and associated warrant.
Each warrant will entitle the holder to purchase one share at an exercise price of $1.10 per share at any time for five years after the closing of the private placement.
Alliance Global Partners (A.G.P.) is acting as the exclusive agent for the offering.
In the United States the common shares and warrants, and the shares issuable upon the exercise of the warrants will be offered on a basis according to exemptions from the U.S. Securities Act and other jurisdictions that align with applicable securities laws.
No securities will be offered for sale or sold in Canada.
On the CSE, Innocan Pharma’s stock value has increased over 350 per cent since last year.
Innocan Pharma, in junction with Yissum, is developing CBD drug administration based on new controlled slow-release technologies. The new program combined with the previously developed liposome platform will be tested on several potential conditions.
Innocan Pharma Corporation (INNO) is down 21.7 per cent, trading at $0.83 per share at 11:41 a.m. ET.