InMed Pharmaceuticals Inc. (Nasdaq: INM) this morning announced it has entered into a securities purchase agreement with an institutional investor. The offering will be made for aggregate gross proceeds of US12.0 million.
Under the agreement, InMed Pharmaceuticals will be offering an aggregate of 4,036,327 units at a price of US$2.973. The share price has been set to match the market’s under Nasdaq rules. Each unit consists of a common share and a common share purchase warrant exercisable for a common share at US$2.848 per share within 5 years from issuance.
The proceeds from the offering are intended for continuing the pipeline development, advancing business development activities, and general working capital purposes.
The offering is expected to close on July 2, 2021, subject to regulatory and customary approvals.
The announcement this morning followed the news that the company has signed a non-binding letter of intent to acquire BayMedica. A producer of “rare” cannabinoids, the transaction would see the firm acquired for a total of 1.6 million common shares of InMed.
InMed Pharmaceuticals last traded at US$2.96 on the Nasdaq.
Information for this briefing was found via Sedar and InMed Pharmaceuticals. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.