InMed Pharmaceuticals, Inc. (OTCMKTS:IMLFF) reported the closing of its previously posted public offering. As per this offering, the firm issued 12.788 million units at a price of $0.45/unit, for aggregate gross proceeds of around $5.754 million.
The offering was closed with a syndicate of underwriters directed by Canaccord Genuity Corp. and having Eight Capital and Roth Capital Partners, LLC as placement agent for unit sales in the United States. The 12.788 million units issued comprise 1.668 million units issued and sold depending on the over-allotment option given by the firm to the underwriters, which was used in full.
Each unit is constituted of one common share of the InMed and one-half of a common share purchase warrant. Each Warrant exhibits an exercise price of $0.65 a common share. It is exercisable for a defined period of 24 months after the closing date of the offering. These warrants are exercisable on a net cashless way based on the 5-day VWAP of the common shares of the firm on the Canadian Securities Exchange closing on the date immediately prior to the date of exercise.
Additionally, InMed released to the Underwriters as many as 535,620 Broker Warrants pertaining with the closing of the offering. Each of this warrant allows the holder to buy a common share of InMed at an exercise price of $0.45 a common share for a period of one year subsequent to the closing date for the offering.
InMed plan to use the net proceeds to support the research and development of INM-750 trial targeting Epidermolysis Bullosa. The company also plans to invest a part of proceeds to further develop the other research and development programs counting its biosynthesis assets; and to fund working capital; and for general and administrative expenses.
In the last trading session, the stock price of InMed declined more than 5% to close the day at $0.259.
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