The debt is being settled through the issuance of 335,570 common shares to a former service provider at $0.149 each
Corporation () director Bill Macdonald has resigned effective June 29, the company said on Thursday.
“The company wishes to thank Mr. Macdonald for all his efforts and supporting the Company since the IPO in September 2019,” it added in a statement.
In other news, Innocan also announced that it has reached an agreement with a former service provider to settle certain debt-related services.
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Innocan said about $50,000 of the debt is being settled through the issuance of 335,570 common shares to the former service provider at $0.149 each. The shares will be subject to a statutory hold period for four months and one day.
The company, through its wholly-owned subsidiary Innocan Pharma Ltd in Israel, is a pharmaceutical tech company that focuses on the development of several drug delivery platforms combining cannabidiol (CBD) with other pharmaceutical ingredients.
Innocan and Ramot at Tel Aviv University are collaborating on the development of a new exosome-based technology that targets both central nervous system indications and the COVID-19 coronavirus.
The company’s stock recently traded up by 3.5% to C$0.15 a share in Toronto.
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