Innocan Pharma closes brokered LIFE offering

2 minute read
20 October 2023

On October 20, 2023 Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) announced that it had closed the second and final tranche of its previously announced private placement offering of units. In total, Innocan issued an aggregate of 5,425,608 units under the offering for aggregate gross proceeds of $1,627,682.40.

The units issued were offered to purchasers pursuant to the listed issuer financing exemption ('LIFE') under Part 5A of National Instrument 45-106 – Prospectus Exemptions to purchasers resident in Canada, except Québec. The offering was led by Research Capital Corporation as sole agent and sole bookrunner.

Innocan is an Israeli pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients' quality of life. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. 

Gowling WLG advised Innocan with respect to this private placement with a team that included Jason A. Saltzman, Josh Rosen, Joseph McDonald and Jaanam Mahboobani.

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