Innocan Pharma Corporation (OTC:INNPF) (CSE:INNO) (FSE:IP4) has closed a non-brokered private placement offering of 8.4 million units of Innocan at a price of CA$0.23 per unit for aggregate gross proceeds of CA$1.9 million ($1.4 million).
Each unit consists of:
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One common share in the capital of the company;
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One-half of one class A common share purchase warrant;
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One-half of one class B common share purchase warrant.
Each class A warrant will entitle the holder thereof to purchase one common share at a price of CA$0.29 for a period of three years from the date of issuance. Each class B warrant will entitle the holder thereof to purchase one common share at a price of CA$0.40 for a period of five years from the date of issuance.
Innocan intends to use the proceeds of the offering for working capital and general corporate purposes.
The securities issued in connection with the offering will be subject to a four-month hold period, in accordance with applicable Canadian securities laws.
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