INMED sued by Calgary man over 2016 private placement Inmed Pharmaceuticals Inc. is a defendant in a lawsuit filed in the Supreme Court of British Columbia by Calgary businessman Hussein Charanek over a private placement that went awry. Mr. Charanek claims that he was supposed to receive shares in an eight-cent financing that the company arranged in 2016. The stock was supposed to come to him in a roundabout way, through one of the company's employees, but he never received the shares, the suit claims.
The allegations are contained in a notice of claim that Mr. Charanek filed at the Vancouver courthouse on Thursday, Feb. 21. The suit names as defendants Inmed and the company's senior vice-president of investor relations, Christopher Bogart. Mr. Charanek's complaint centres around a $1.5-million financing that the company disclosed on Oct. 6, 2016, comprising 18.75 million units at eight cents.
Mr. Charanek claims that he was supposed to be one of the subscribers to that placement, contributing $400,000. He says that he met with Mr. Bogart and others at the company's office on Oct. 21, 2016, to allocate the amounts among the individual investors. The problem, as set out in the lawsuit, arose when the company decided that it would close the financing five days later. Mr. Charanek was not able to immediately deliver the $400,000 to the company's office.