InnoCan Pharma prices previously announced C$10 million offering

Corporation () has now priced its previously announced C$10 million offering at C$0.20 a unit.

As reported on May 12 this year, the company said it will use the cash to fund research and product development costs, sales, marketing and operating expenses. It will also be used for working capital and general corporate purposes.

READ: InnoCan Pharma Corp unveils plans to raise up to C$10 million 

Each unit consists of one company share and one share purchase warrant. Each warrant is exercisable into one company share at C$0.25 for 36 months following completion of the offer.

is a specialty pharma, which develops products that harness the properties of cannabinoids combined with smart delivery formulations.

The offer is being led by Mackie Research Capital, as sole bookrunner, and as co-lead agents, together with Haywood Securities Inc and PI Financial Corp.

InnoCan has also granted its agents an option to cover over-allotments and for market stabilization purposes, exercisable in whole or in part at any time up to 30 days from the closing, to increase the size of offering by up to 15% of the number of units sold.

The closing of the offering is currently expected to be on or about the week of May 28.

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