Innocan Pharma Corporation has announced that it has closed its previously announced non-brokered private placement offering of units of the company. It issued 3,177,223 units at a price of CAD 0.20 per unit for aggregate gross proceeds of CAD 635,444.60.

Each Unit is comprised of one common share of the company and one common share purchase warrant of the company. Each Warrant will entitle the holder to purchase one common Share at an exercise price of CAD 0.28 for a period of 4 years from the date of issuance, the company shared in a statement.

The company paid an arm's length finder a cash fee of CAD 13,500 and issued to the finder 67,500 warrants attributable to investors introduced to the company by the finder within 3 months following such introduction. “Each finder warrant entitles the finder to purchase one common share at an exercise price of CAD 0.28 for a period of 4 years from the date of issuance,” it said.

Commenting on the development, Iris Bincovich, CEO, Innocan Pharma stated, “I am thrilled with this successful closing of this private placement round, which reflects strong investor confidence in Innocan's long-term vision, strategic direction as well as our proprietary CBD-loaded liposome platform technology (LPT) and our strongly growing consumer wellness operations. These new funds raised will allow us to further advance our innovative LPT through its regulatory milestones, and furthers our long-term goal of enhancing health and wellness worldwide.”

The company intends to use the proceeds from the offering for working capital and general corporate purposes.