HERZLIYA, Israel, and CALGARY, Canada — Innocan Pharma Corporation closed its previously announced non-brokered private placement offering of units of the Company, pursuant to which the Company issued 3,177,223 Units at a price of C$0.20 per Unit for aggregate gross proceeds of $635,444.60.
Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each Warrant entitles the holder to purchase one Common Share at an exercise price of C$0.28 for a period of four years from the date of issuance.
The Company paid an arm’s length finder a cash fee of C$13,500 and issued to the finder 67,500 warrants attributable to investors introduced to the Company by the finder within 3 months following such introduction. Each Finder Warrant entitles the Finder to purchase one Common Share at an exercise price of C$0.28 for a period of four years from the date of issuance.
Iris Bincovich, Innocan Pharma’s CEO, stated, “I am thrilled with this successful closing of this private placement round, which reflects strong investor confidence in Innocan’s long-term vision, strategic direction as well as our proprietary CBD-loaded liposome platform technology (LPT) and our strongly growing consumer wellness operations. These new funds raised will allow us to further advance our innovative LPT through its regulatory milestones, and furthers our long-term goal of enhancing health and wellness worldwide.”
The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.
About Innocan
Innocan is an innovator in the pharmaceuticals and wellness sectors. In the pharmaceuticals sector, Innocan developed a CBD-loaded liposome drug delivery platform with exact dosing, prolonged and controlled release of synthetic CBD for non-opioid pain management. In the wellness sector, Innocan develops and markets a wide portfolio of high-performance self-care and beauty products to promote a healthier lifestyle. Under this segment Innocan carries on business through its 60% owned subsidiary, BI Sky Global Ltd. which focuses on advanced, targeted online sales.
