Innocan Pharma To Secure Up To $3M Via Private Placement Of Units At A 9% Prime Above Share Price

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Innocan Pharma Corporation INNPF INNO IP intends to complete a non-brokered private placement of up to 17.22 million units of the company at a price of CA$0.23 per unit for gross proceeds up to CA$3.96 million ($3 million). The offering is expected to close on or around July 20, 2023.

Each unit will be comprised of: one common share in the capital of the company; one-half of one class A common share purchase warrant; and one-half of one class B common share purchase warrant.

Each class A warrant will entitle the holder thereof to purchase one common share at a price of CA$0.29 for a period of three years from the date of issuance. Each class B warrant will entitle the holder thereof to purchase one common share at a price of CA$0.40 for a period of five years from the date of issuance.

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Innocan intends to use the proceeds of the offering for working capital and general corporate purposes.

The securities issued in connection with the offering will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.

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