InnoCan Pharma Corporation announced that it has entered into a non-brokered private placement of 17,220,000 units at a price of CAD 0.23 per unit for gross proceeds of CAD 3,960,600 on July 25, 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 0.29 for a period of three 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 0.40 for a period of five years from the date of issuance. The securities issued in connection with the Offering will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws. The transaction is expected to closing on July 20, 2023.