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InMed Closes Over-Subscribed C$9.4 Million Financing
InMed Closes Over-Subscribed C$9.4 Million Financing Canada NewsWire VANCOUVER, ...
About this update from Infield Minerals Corp
[{"type":"text","content":"\n\n\n\nInMed Closes Over-Subscribed C$9.4 Million Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 4, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n\nCSE: IN OTCQB: IMLFF\n\n\n\nVANCOUVER, Jan. 4, 2018 /CNW/ - InMed Pharmaceuticals, Inc. (\"InMed\" or the \"Company\") (CSE:IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, has closed its previously announced non-brokered private placement for gross proceeds of C$9.4 Million through the issuance of 13,428,571 units (\"Units\"), with terms as previously announced on December 18, 2017. The original offering anticipated gross proceeds of C$2.5 Million.  \n\n\"The Company welcomes such a positive response from the investment community,\" stated Eric A. Adams, President & CEO, \"We are very pleased to be in a position to close the financing, on an oversubscribed basis, so quickly. With this financing, InMed is well positioned with a strong balance sheet to continue to execute on corporate objectives. We have significantly extended the cash runway for our lead programs, INM-750 for EB and biosynthesis, and will be able to make significant advancements for both INM-085 for glaucoma and INM-405 for pain.\" The Company also intends to use the net proceeds from the private placement for general working capital and corporate purposes, and to seek a listing of its common shares on the Toronto Stock Exchange.\n\nFinders' fees on a portion of the gross proceeds received by the Company from the sale of Units sold pursuant to the financing shall include cash of $397,527 and 446,646 warrants (\"Agent Warrants\").  Each Agent Warrant shall be exercisable in whole or in part at an exercise price of $1.25 for a period of 18 months expiring on July 3, 2019. \n\nIn accordance with applicable securities legislation, securities issued pursuant to the financing are subject to a hold period of four mon...