Innocan Pharma Closes Debenture Unit Offering
Innocan Pharma Corporation (CSE: INNO, INNPF) has announced the successful closure of a non-brokered private placement involving a debenture unit to its primary shareholder, Tamar Innovest Ltd. This strategic move resulted in gross proceeds of USD 1,000,000, which is expected to bolster the company's financial standing.
Details of the Debenture Unit
The debenture unit primarily comprises a secured convertible debenture valued at USD 1,000,000, accompanied by 5,555,555 common share purchase warrants. This structure not only secures the investment but also offers warrant holders the opportunity to convert their holdings into common shares at a predetermined price.
Key Features
The financing comes with significant terms: the debenture will mature in two years and carry an interest rate of 10% per annum. Shareholders can convert their debentures into common shares at a conversion rate of USD 0.21, based on market rates. This highlights Innocan’s commitment to providing beneficial investment opportunities while securing investor confidence.
Use of Proceeds
The funds from this offering will primarily be allocated towards working capital and general corporate purposes, facilitating the growth and expansion of Innocan’s operational capabilities. This financial boost is pivotal in supporting ongoing and future projects, especially in the innovative pharmaceutical and wellness sectors.
Comments from Leadership
Iris Bincovich, the CEO of Innocan, expressed her enthusiasm for this partnership, stating, "Securing further funding from our main investor, Tamar Innovest, demonstrates their unwavering trust in our direction and future plans. We look forward to continuing this collaboration with their support.”
Insight into Tamar Innovest
As an insider in the company and the holder of 17.14% of the current issued common shares, Tamar Innovest's participation in this offering qualifies as a related party transaction. This strategic alignment emphasizes the shared vision between Innocan Pharma and Tamar Innovest, reinforcing their collaborative approach to navigating market challenges.
Ownership Structure
Prior to the offering, Tamar Innovest maintained control of 49,726,309 common shares. After the offering, they’ll have 1 convertible debenture and 5,555,555 warrants alongside their shareholdings, strategically positioned to leverage potential future growth.
About Innocan Pharma
Innocan Pharma stands as a pioneering force within the pharmaceuticals and wellness markets, having developed an innovative CBD-loaded liposome drug delivery system that allows for precise dosing and a controlled release of synthetic CBD for pain management. In addition to its pharmaceutical pursuits, Innocan diversifies its portfolio within the wellness sector, offering high-quality self-care and beauty products designed to support a healthier lifestyle.
Contact Information
For further inquiries regarding this announcement or to learn more about Innocan, please contact:
Iris Bincovich, CEO
Phone: + 15162104025
Cell: +972-54-3012842
UK Phone: +442037699377
Email: info@innocanpharma.com
Frequently Asked Questions
What was the main purpose of the debenture unit offering?
The main purpose of the offering was to secure funding for working capital and general corporate purposes, facilitating growth for Innocan Pharma.
Who are the key stakeholders involved in this offering?
The key stakeholder involved in this offering is Tamar Innovest Ltd., who is also Innocan Pharma's largest shareholder.
What are the terms of the convertible debenture?
The convertible debenture matures in two years, has an interest rate of 10%, and can be converted into common shares at a price of USD 0.21.
How does this funding benefit Innocan Pharma?
This funding strengthens Innocan Pharma's financial resources, allowing it to expand operations and invest in innovative pharmaceutical solutions.
What products does Innocan Pharma focus on?
Innocan Pharma focuses on developing a CBD-loaded drug delivery platform, as well as a range of high-performance self-care and beauty products.
