Herzliya, Israel and Calgary, Alberta--(Newsfile Corp. - November 5, 2021) - Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (the "Company" or "Innocan) is pleased to announce that all investors who participated in the Company's December 2020 private placement (the "Offering") fully exercised the common share purchase warrants (the "Warrants") issued to them as part of the Offering. The exercise of the Warrants by the investors resulted in a total cash receipt for the Company of approximately CAD $1.4 million and resulted in the issuance of 3,998,705 common shares of the Company. This marks the completion of the third round of warrant exercises in two years.
Pursuant to the terms of the Warrants, the Company had the right to issue a notice to accelerate the expiry date of the Warrants if the daily volume weighted average trading price of the Company's shares on the Canadian Securities Exchange equaled or exceeded $0.70 for any period of 30 consecutive trading days.
"This remarkable achievement demonstrates a much-appreciated act of trust and confidence from our investors," said Iris Bincovich, CEO of Innocan Pharma. "We are excited that our investors have enjoyed the appreciation of their initial investment, and in addition they have decided to invest more. We are humbled by the continued support of our investor community, as Innocan Pharma continues to grow and secure its place as an innovator within the CBD space."