NetworkNewsBreaks – InMed Pharmaceuticals Inc. (
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Posted On: 10/25/2023 5:04:48 PM
NetworkNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Enters Agreements for Private Placement, Preferred Investment Options
InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, has entered into a definitive agreement for the issue and sale of more than 3 million common shares, or prefunded warrants in lieu thereof. Specifically, the company agreed to a private placement of 3,012,049 common shares priced at $0.83 per share. In addition, the company entered an agreement for an associated preferred investment option as well as a definitive agreement regarding specific outstanding preferred investment options issued in November 2022. The announcement outlines specifics of the agreement. The company also stated that the preferred investment option to be issued will be exercisable immediately upon issuance; exercise price for the offerings will be $0.83 per share, with an expiration date five and one-half years from the date of issuance. InMed Pharmaceuticals is projected to receive approximately $5.2 million in net proceeds from the offerings, before standard deductions and expenses; the offerings should close on or about Oct. 26, 2023, subject to customary closing conditions being met. InMed Pharmaceuticals anticipates using the net proceeds to continue pipeline development of its pharmaceutical drug candidates and to fund commercial sales of rare cannabinoids. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
Please see full terms of use and 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 pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, has entered into a definitive agreement for the issue and sale of more than 3 million common shares, or prefunded warrants in lieu thereof. Specifically, the company agreed to a private placement of 3,012,049 common shares priced at $0.83 per share. In addition, the company entered an agreement for an associated preferred investment option as well as a definitive agreement regarding specific outstanding preferred investment options issued in November 2022. The announcement outlines specifics of the agreement. The company also stated that the preferred investment option to be issued will be exercisable immediately upon issuance; exercise price for the offerings will be $0.83 per share, with an expiration date five and one-half years from the date of issuance. InMed Pharmaceuticals is projected to receive approximately $5.2 million in net proceeds from the offerings, before standard deductions and expenses; the offerings should close on or about Oct. 26, 2023, subject to customary closing conditions being met. InMed Pharmaceuticals anticipates using the net proceeds to continue pipeline development of its pharmaceutical drug candidates and to fund commercial sales of rare cannabinoids. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
Please see full terms of use and 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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