India Globalization Capital Raises $1 Million in Direct Equity Investment to Support Hyalolex Commercialization
September 13 2018 - 7:00AM
Business Wire
India Globalization Capital, Inc. (NYSE American: IGC), a
company engaged in the development and commercialization of
cannabinoid-based alternative therapies for medical conditions
including Alzheimer’s disease, Parkinson’s disease, and pain,
announced that it raised $1.0 million in a private placement of
restricted shares.
869,565 shares of newly issued unregistered common stock were
sold at $1.15 per share. After fees and expenses, the net proceeds
to IGC are approximately $1.0 million. The net proceeds from the
offering are for marketing and working capital associated with the
commercialization of Hyalolextm. The sale is subject to customary
closing conditions, including approval by the NYSE.
“We are pleased to receive an investment from a strategic
investor who shares IGC’s vision and confidence in commercializing
our flagship product, Hyalolextm, and our ability to drive
long-term shareholder value. The investment is made by Bradbury
Investment Fund limited, based in Hong Kong, through three of its
Global Asset Funds. The investment is strategic as the fund can
introduce the Company to potential acquisitions of global assets as
more countries legalize hemp, cannabinoids, and cannabis. Further,
the fund can also help the Company in introducing its products,
including Hyalolextm, in foreign countries,” said Ram Mukunda, CEO
of IGC.
This press release does not and shall not constitute an offer to
sell or the solicitation of any offer to buy any of the securities,
nor shall there be any sale of the securities, in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any state.
About India Globalization Capital, Inc.
IGC has two lines of business, a legacy infrastructure business
and a cannabis pharmaceutical business that has developed a lead
product for treating Alzheimer’s patients. The Company recently
announced that it is working on using blockchain to address issues
specific to the cannabis industry that address transactional
difficulties, product labeling, product identification assurance
(PIA), and product origin assurance (POA). The Company is based in
Maryland, USA.
Our website is: www.igcinc.us. Our Twitter is: @IGCIR
About Bradbury Group.
Bradbury Group, the parent company of Bradbury Investment Fund
(SPC) Limited, is a comprehensive financial institution consisting
of several licensed professional entities that specialize in
offering international securities brokerage, asset management,
investment funds & advisory and wealth management services to
sophisticated and professional investors globally. Bradbury’s
website is: www.bradburyfund.com
Forward-Looking Statements
Please see forward looking statements as discussed in detail in
IGC's Form 10-K for fiscal year ended March 31, 2018, and in other
reports filed with the U.S. Securities and Exchange Commission.
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India Globalization Capital, Inc.Claudia Grimaldi,
301-983-0998