Received Proceeds of CAD $8.2M from the Exercise of Warrants Herzliya, Israel and Calgary, Alberta--(Newsfile Corp. - August 27, 2021) - Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (the "Company" or "Innocan") reports today, that since January 1st, 2021, it has received proceeds of approximately CAD $8.2M as a result of the exercise of approximately 32.9 Million previously issued common share purchase warrants and broker warrants.
As a result, over 94% of Innocan's Warrants dated back to June 2020 and over 95% of its September 2019 warrants have been exercised.
Tamar InnoVest Limited, Innocan's major shareholder (formerly Solsken Ltd) ("Tamar") has now also participated in this early exercise of warrants.
Pursuant to the terms of the warrants issued in June 2020, if the Company's volume weighted-average-share-price on the Canadian Securities Exchange exceeded CAD $0.50 for 20 consecutive trading days, the Company has the right to issue its warrants' holders a notice for early exercise. As the Company's share price exceeded this threshold, the Company issued such notice through the Company's Warrant Agent, Odyssey Trust Company.
"I'm humbled to lead a company where, for the second time, warrants were exercised following an acceleration notice within only 24 months since our foundation," says CEO Iris Bincovich. "Such a significantly-high response-rate to our notice," added Iris, "serves as an act of trust in our commercial stability. As our community of stakeholders grows from day to day, it is heart-warming to see our pioneer-investors continuing to believe in Innocan."
About Innocan
Innocan Pharma is a pharmaceutical tech company that focuses on the development of several drug delivery platforms containing CBD. Innocan Pharma and Ramot at Tel Aviv University are collaborating on a new, revolutionary exosome-based technology that targets both central nervous system (CNS) indications and the Covid-19 Coronavirus using CBD. CBD-loaded exosomes hold the potential to help in the recovery of infected lung cells. This product, which is expected to be administered by inhalation, will be tested against a variety of lung infections.
Innocan Pharma signed a worldwide exclusive license agreement with Yissum, the commercial arm of The Hebrew University of Jerusalem, to develop a CBD drug delivery platform based on a unique-controlled release liposome to be administered by injection. Innocan Israel plans, together with Professor Berenholz, to test the liposome platform on several potential conditions. Innocan Israel is also working on a dermal product that integrates CBD with other pharmaceutical ingredients as well as the development and sale of CBD-integrated pharmaceuticals, including, but not limited to, topical treatments for the relief of psoriasis symptoms as well as the treatment of muscle pain and rheumatic pain. The founders and officers of Innocan Israel each have commercially successful track records in the pharmaceutical and technology sectors in Israel and globally.
https://www.newsfilecorp.com/release/94669/Innocan-Pharma-Received-Proceeds-of-CAD-8.2M-from-the-Exercise-of-Warrants-since-January-1-2021