InMed Pharmaceuticals, Inc. (OTCMKTS:IMLFF) reported that, in connection with its planned public offering reported in April, it finalized an underwriting agreement with a syndicate of underwriters directed by Canaccord Genuity Corp. and comprising Eight Capital and Roth Capital Partners, LLC being s placement agent for unit sales in the United States.
Following this development, the Underwriters have accepted to buy, on an underwritten basis, over 11 million units of InMed at an offering price of $0.45 a unit, for aggregate gross proceeds of around $5 million. Each unit will comprise of one common share of the firm and one-half of 1 common share buy warrant.
Each Warrant has been assigned an exercise price of $0.65 a common share. Warrants can be exercised in 24 months after the closing date. InMed reported that the Warrants can be exercised only on a net cashless basis dependent on the 5-day volume-weighted average price of the shares of the firm on the Canadian Securities Exchange closing on the date immediately earlier to the exercise date.
In addition, the firm has given the Underwriters an option to buy up to 1.668 million additional units at the price for a period of up to one month following the closing date of the financing offering. In the case that the Over-Allotment alternative is exercised in its full, the total gross proceeds will be over $5.75 million.
InMed anticipates to use the net proceeds from the reported offering for different purposes, including to support the research and development of ‘INM-750’ targeting Epidermolysis Bullosa and to further advance the firm’s other research and development plans. The proceeds will also be used to fund working capital and for general and administrative purposes.
In the last trading session, the stock price of InMed declined 0.16% to close the day at $0.310.
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