InnoCan Pharma Corporation (CNSX:INNO) announced a non-brokered private placement of 10,294,800 units at a price of CAD 0.23 per unit for gross proceeds of CAD 2,367,804 on December 31, 2020. Each unit consists of one share and one-half of one share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of the company at an exercise price of CAD 0.35 per share for a period of three years from closing of the transaction. All the securities to be issued in the transaction are subject to a hold period of four-month and a day. The term of the warrants may be accelerated in the event that the company’s shares trade at or above a price of CAD 0.70 per share or for a period of 30 consecutive days.