HERZLIYA, Israel, and CALGARY, Alberta — Innocan Pharma Corporation closed its previously announced non-brokered private placement offering of units of the Company, pursuant to which the Company issued 7,952,840 Units at a price of $0.25 per Unit for aggregate gross proceeds of $1,988,210.
Each Unit is comprised of one common share of the Company and one common share purchase warrant of the Company. Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.32 for a period of four (4) years from the date of issuance.
Iris Bincovich Innocan Pharma’s CEO stated: “It is a great privilege to receive the continuing support of our investors, who have placed their trust in Innocan’s proprietary CBD-loaded liposome platform technology (“LPT”), our consumer wellness and exceptional team. This successful financing is another illustration of the confidence and trust that the investment community has in the future milestones of Innocan. We are committed to advancing our LPT through the United States Food and Drug Administration approval process for our human & veterinary pharmaceutical applications.”
The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Grant of Restricted Share Units
The Company has granted an aggregate of 7,140,483 restricted share units (each, an “RSU”) to directors and officers. Each RSU entitles the recipient to receive one common share of the Company on vesting. A total of 3,807,150 RSUs vest on March 14, 2024 and 3,333,333 RSUs vest as follows: (i) one-third on March 14, 2024; (ii) one-third on September 14, 2024; and (iii) one-third on March 14, 2025. The RSUs and the underlying Common Shares are subject to a statutory hold period of four months and one day expiring on July 15, 2024.
About Innocan
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD- loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. (ii) CLX CBD-loaded exosomes platform that may hold the potential to provide a highly synergistic effect of regenerating and anti- inflammatory properties targeting the Central Nervous System (CNS). In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com
