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CBD-Focused Pharma Co. Seeks Funding To Revolutionize Healthcare

CBD-Focused Pharma Co. Seeks Funding To Revolutionize Healthcare

Innocan Pharma Corporation to Partner with Research Capital Corporation for Private Placement Offering

Innocan Pharma Corporation, a leading CBD-focused pharmaceutical company, has recently entered into an agreement with Research Capital Corporation to act as the sole agent and sole book-runner for a private placement offering. The offering aims to raise up to $3 million in aggregate gross proceeds for the company.

Details of the Offering

The private placement offering will comprise units of the company at a price of $0.30 per unit. Each unit will consist of one common share of the company and one purchase warrant. The purchase warrant will entitle the holder to purchase an additional common share at an exercise price of $0.36. This option will be valid for 36 months from the date of closing.

The company has also granted the agent the option to increase the size of the offering by up to 15% of the number of units. The agent can exercise this option by providing written notice to the company up to 48 hours before the closing of the offering.

Intended Use of Funds

The net proceeds from the offering will be used by Innocan Pharma Corporation to fund various initiatives, including:

  • Meeting with the United States Food and Drug Administration (FDA) to discuss the human application of the company’s products before seeking investigational new drug status;
  • Meeting with the FDA to discuss the veterinary application of the company’s products as part of the investigational new animal drug process; and
  • Expanding the distribution of the company’s derma-cosmetic products.

Expected Timeline

The private placement offering is expected to close on or around the week of October 10, 2023, or a later date as determined by Innocan Pharma Corporation and Research Capital Corporation.

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