NetworkNewsBreaks – InMed Pharmaceuticals Inc. (
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Posted On: 09/12/2022 4:15:14 PM
NetworkNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Enters into $6M Securities Purchase Agreement
InMed Pharmaceuticals (NASDAQ: INM), a leader in the research, development and manufacturing of rare cannabinoids, has announced a private placement agreement with two healthcare-focused institutional investors. The agreement calls for the issuance and sale of 691,245 of INM common shares; the shares will be sold at a purchase price of $8.68 per share in a private placement priced according to Nasdaq guidelines. According to the announcement, InMed will also issue unregistered preferred investment options that will allow investors in the offering to purchase more than 1.3 million common shares. The company noted that it anticipates gross proceeds from the placement, which is expected to close on or about Sept. 13, 2022, to reach some $6 million. The company plans to use the funds gathered from the offering to continue its focus on pipeline development of its proprietary pharmaceutical drug candidates as well as advance manufacturing knowledge of cannabinoids and cannabinoid analogs and support intellectual property development and other commercial activities; the company may also use proceeds from the offering for general working capital purposes. The announcement also noted that any unregistered investment options issued in the offering will be exercisable upon issuance at an exercise price of $8.44 per share; the shares will expire seven years from the date of issuance.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
InMed Pharmaceuticals (NASDAQ: INM), a leader in the research, development and manufacturing of rare cannabinoids, has announced a private placement agreement with two healthcare-focused institutional investors. The agreement calls for the issuance and sale of 691,245 of INM common shares; the shares will be sold at a purchase price of $8.68 per share in a private placement priced according to Nasdaq guidelines. According to the announcement, InMed will also issue unregistered preferred investment options that will allow investors in the offering to purchase more than 1.3 million common shares. The company noted that it anticipates gross proceeds from the placement, which is expected to close on or about Sept. 13, 2022, to reach some $6 million. The company plans to use the funds gathered from the offering to continue its focus on pipeline development of its proprietary pharmaceutical drug candidates as well as advance manufacturing knowledge of cannabinoids and cannabinoid analogs and support intellectual property development and other commercial activities; the company may also use proceeds from the offering for general working capital purposes. The announcement also noted that any unregistered investment options issued in the offering will be exercisable upon issuance at an exercise price of $8.44 per share; the shares will expire seven years from the date of issuance.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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