CALGARY, ALBERTA / ACCESSWIRE / September 25, 2019 / InnoCan Pharma Corporation ("InnoCan" or the "Company") is pleased to announce that it has closed its initial public offering (the "Offering") of 6,111,112 units of the Company (the "Units") at a price of $0.18 per Unit. Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Unit Warrant"). Each Unit Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.30 for a period of 24 months following September 25, 2019, subject to acceleration in certain cases. The Warrants will not be listed for trading.
Leede Jones Gable Inc. ("Leede") acted as the Company's sole agent under the Offering and received a fee equal to $110,000 and 611,111 Agent's Options, with each Agent's Option entitling Leede to acquire one Common Share at an exercise price of $0.18 for a period of 24 months following September 25, 2019.
The Common Shares are trading on the Canadian Securities Exchange under the symbol "INNO".
"We are delighted to begin trading on the CSE, the world's preeminent public exchange for innovative CBD based product companies. InnoCan has diligently and methodically developed a unique portfolio of CBD products that we expect to bring to various markets in the near term," said Iris Bincovich, InnoCan's CEO.
About InnoCan Pharma Corporation
The Corporation's business can be described as three distinct operating segments relating to the incorporation in products of CBD in their formulation: (i) research, development, marketing, distribution and sales of InnoCan-branded OTC pharmaceutical products; (ii) research and development of non-pharmaceutical products for third parties in exchange for fees and/or royalties; and (iii) research and development of hydrogels containing liposomes intended for licensing or sale to third party pharmaceutical corporations for manufacturing, distribution and sales. http://innocanpharma.com/
For further information, please contact:
For InnoCan Pharma Corporation:
Iris Bincovich, CEO
For Investor Relations:
Proconsul Capital Ltd.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: InnoCan Pharma Corp