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InMed Pharmaceuticals Announces the Closing of US$8 Million Public Offering
InMed Pharmaceuticals Announces the Closing of US$8 Million Public Offering Can...
About this update from Infield Minerals Corp
[{"type":"text","content":"\n \n \n \n InMed Pharmaceuticals Announces the Closing of US$8 Million Public Offering\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Nov. 16, 2020\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 16, 2020\n \n /CNW/ - InMed Pharmaceuticals Inc. (\"InMed\" or the \"Company\") (NASDAQ: INM) (TSX: IN), a clinical-stage pharmaceutical company developing medications targeting diseases with high unmet medical need and leading the clinical development of cannabinol (CBN), today announced that it has closed the previously announced public offering of common shares, together with accompanying warrants.\n \n \n \n \n \n \n \n \n \n Under the terms of the public offering, an aggregate of 1,780,000 common shares, together with accompanying warrants, were purchased at a public offering price of\n \n US$4.50\n \n per share and accompanying warrant. Each common share was sold in the offering with one warrant to purchase one common share. The warrants have an exercise price of\n \n US$5.11\n \n per share, are immediately exercisable upon issuance, and expire six years following the date of issuance.\n \n \n The underwriters have also been granted an option to purchase an additional 267,000 common shares and additional warrants to purchase up to an aggregate of 267,000 common shares for a period of 45 days.\n \n \n Roth Capital Partners acted as sole book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-manager.\n \n \n Gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, is estimated to be approximately\n \n US$8 million\n \n , excluding the exercise of the underwriters' option to purchase additional securities.\n \n \n InMed intends to use the net proceeds from the offering, together with its existing cash resources, for general corporate purposes, which may include funding preclinical and clinical development of its cannabinoid drug candidates INM-755 (dermatology) and INM-088 (ocular diseases), ad...