INMED raises $5.75M with the full over allotment.
InMed Pharmaceuticals, Inc. (“InMed” or the “Company”) (CSE: IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, is pleased to announce the closing today of its previously announced public offering (the “Offering “). Pursuant to the Offering, the Company issued 12,788,000 units (the ” Units”) at a price of $0.45 per Unit, for aggregate gross proceeds to InMed of $5,754,600.
The Offering was completed with a syndicate of underwriters led by Canaccord Genuity Corp. and including Eight Capital along with Roth Capital Partners, LLC serving as placement agent for sales of Units in the United States (collectively, the “Underwriters”). The 12,788,000 Units issued include 1,668,000 Units issued and sold pursuant to the over-allotment option granted by the Company to the Underwriters, which was exercised in full.
Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant has an exercise price of $0.65 per common share and is exercisable for a period of 24 months following the closing date for the Offering.
The Warrants are only exercisable on a net cashless basis based on the five-day volume-weighted average trading price of the common shares of the Company on the Canadian Securities Exchange ending on the date immediately preceding the date of exercise.
In addition, InMed issued to the Underwriters a total of 535,620 non-transferable broker warrants (the “Broker Warrants”) in connection with the closing of the Offering. Each Broker Warrant entitles the holder to acquire a common share of the Company at an exercise price of $0.45 per common share for a period of 12 months following the closing date for the Offering.
InMed intends to use the net proceeds from the Offering for the following purposes: to support the continued research and development of INM-750 for the treatment of Epidermolysis Bullosa; to further develop the Company’s other research and development programs including its biosynthesis assets; for general and administrative expenses of the Company; and to fund working capital.
For the Original Release Go to: Inmedpharma.com