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

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.

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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