Closes C$8.2 Million Private Placement Herzliya, Israel and Calgary, Alberta--(Newsfile Corp. - October 13, 2021) - Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (the "Company" or "Innocan"), today announced that it has closed its previously announced private placement of the Company's common shares (a "Common Share" and, collectively, the "Common Shares") and warrants to purchase common shares ("Common Warrants") to institutional investors for aggregate gross proceeds to the Company of C$8,227,150 million (the "Private Placement"). Pursuant to the Private Placement, the Company has issued 9,679,000 Common Shares and Common Warrants to purchase 9,679,000 Common Shares at a combined purchase price of C$0.85 per Common Share and associated Common Warrant. Each Common Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$1.10 per share at any time prior to the five-year anniversary of the closing date of the Private Placement (the "Closing Date").
A.G.P./Alliance Global Partners (the "Agent") acted as the exclusive placement agent for the Private Placement.
In the United States, the Common Shares, Common Warrants and the shares issuable upon the exercise of the Common Warrants were offered on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and certain other jurisdictions in accordance with applicable securities laws.
No securities were offered for sale or sold in Canada.
"Innocan Pharma is growing," said CEO Iris Bincovich. "This fundraising will support our R&D and distribution efforts. We received a warm welcome from these new institutional investors and we believe it is an indicator that we are building on our achievements as a Company and are on the right track."
This news release shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities of the Company nor shall there be any sale of any of the securities in any jurisdiction in Canada in connection with the Private Placement; nor shall it constitute an offer to sell, or the solicitation of an offer to buy, any securities of the Company nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release shall not constitute an offer of securities for sale in the United States. The securities have not been, and will not be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.
https://www.newsfilecorp.com/release/99614