InnoCan Pharma Corporation announced that it has entered into a non-brokered private placement of 1,982,000 units at a price of CAD 0.25 per unit for gross proceeds of CAD 495,500 on February 16, 2023. Each unit consists of one common share and one half of one class A common share purchase warrant and 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 CAD 0.31 for a period of two years from the date of issuance.
Each Class B warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.44 for a period of three years from the date of issuance. All common shares and warrants issued pursuant to the offering will be subject to a four-month statutory hold period commencing from the closing date under applicable securities laws.