InnoCan said it plans to use the offering proceeds for general working capital and other corporate purposes
Corporation () (OTCMKTS:INNPF) (FRA:IP4) reported it has closed a non-brokered private placement offering of 10,294,800 units of the company, at a price of $0.23 per unit, for total gross proceeds of C$2,367,804.
InnoCan said it plans to use the offering proceeds for general working capital and other corporate purposes.
“Our investors continue to show confidence in the company,” said Innocan Pharma CEO Iris Bincovich in a statement.
READ: InnoCan Pharma is taking a true pharmaceutical approach to commercializing cannabinoids
She added: “We are delighted to complete this private placement despite the holiday season and the four months hold period that applies to the units stated.”
The company noted that each unit of the private placement consists of one common share in InnoCan Pharma, plus one-half of one common share purchase warrant, in which each whole warrant entitles the holder to purchase one common share in the company at a price of $0.35 for a period of three years from the date of issuance.
InnoCan said it reserves the right to accelerate the expiry date of the warrants to the date that is 30 days following the date of the acceleration notice, should its common shares trade at a daily volume-weighted average of $0.70 or more for any period of 30 consecutive trading days.
All common shares and warrants issued as part of the offering will be subject to a four-month statutory hold period commencing from the closing date.
InnoCan Pharma is developing a revolutionary injectable CBD delivery system that facilitates targeted, controlled administration of cannabinoids into the bloodstream.
The company announced recently that it has completed its initial production of the SHIR premium cosmetic line and Relief & Go topicals in Portugal and has also started manufacturing the brands in the US for the first time.
The R&G Relief & Go CBD Spray product combines the known benefits of active ingredients such as menthol and camphor with CBD and magnesium (more than 40% in the formula) to help the body relax and recover for sport-performing professionals. It is designed to target muscle-related pain and also provide relief for joint pain.
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