NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
InMed Pharmaceuticals Inc. (TSX:IN)
(“InMed” or the “Company”) is pleased to announce
that it has entered into a letter of engagement with Eight Capital,
as underwriter, under which Eight Capital has agreed to purchase
11,111,200 units of the Company (the “Units”), on a “bought deal”
basis pursuant to the filing of a shelf prospectus supplement,
subject to all required regulatory approvals, at a price per Unit
of $0.90 (the “Offering Price”), for total gross proceeds of
$10,000,080 (the “Offering”).
Each Unit shall consist of one common share of
the Company (a “Share”) and one common share purchase warrant (a
“Warrant”). Each Warrant shall entitle the holder thereof to
acquire one Share at a price of $1.25 for a period of 24 months
following the Closing Date.
The Company has agreed to grant Eight Capital an
over-allotment option to purchase up to an additional 1,666,680
Units at the Offering Price, exercisable in whole or in part, at
any time on or prior to the date that is 30 days following the
closing of the Offering. If this option is exercised in full, an
additional $1,500,012 will be raised pursuant to the Offering and
the aggregate proceeds of the Offering will be $11,500,092.
The Company intends to use the net proceeds of
the Offering to support the continued research and development of
INM-750 for the treatment of Epidermolysis Bullosa, to further
develop the Company’s other research and development programs
including its biosynthesis assets, for general and administrative
expenses of the Company, and to fund working capital.
The Units will be offered by way of a shelf
prospectus supplement to be filed in the provinces of British
Columbia, Alberta and Ontario, and such other provinces of Canada,
except Quebec, to be agreed upon by InMed and Eight Capital
pursuant to National Instrument 44-101 - Short Form Prospectus
Distributions.
The closing date of the Offering is scheduled to
be on or about June 21, 2018 and is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the Toronto Stock Exchange and
the applicable securities regulatory authorities.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein in the United States. The securities
described herein have not been registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws and may not be offered or sold in the
"United States", as such term is defined in Regulation S
promulgated under the U.S. Securities Act, unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration requirements is available.
About InMed:
InMed is a pre-clinical stage biopharmaceutical company that
specializes in developing novel therapies through the research and
development into the extensive pharmacology of cannabinoids coupled
with innovative drug delivery systems. InMed’s proprietary
bioinformatics database drug/disease targeting tool, cannabinoid
biosynthesis technology and drug development pipeline are the
fundamental value drivers of the Company. For more information,
visit www.inmedpharma.com.
Investor Contact:
InMed PharmaceuticalJosh Blacher, Chief Business OfficerT:
+1-778-945-0960E: jblacher@inmedpharma.com
Cautionary Statements Regarding Forward Looking
Information
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information is based on management's current
expectations and beliefs and is subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements.
Forward-looking information in this news release includes
statements about: the expected size and terms of the Offering and
the use of the proceeds therefrom; the anticipated closing times of
the Offering; the payment of finder's fees by the Company in
relation to the Offering; receiving all necessary regulatory
approvals for the Offering; and the expected fundamental value
drivers of the Company.
With respect to the forward-looking information contained in
this news release, InMed has made numerous assumptions regarding,
among other things: receipt of all necessary regulatory approvals
for the Offering; successful completion of the Offering; and
continued economic and market stability. While InMed considers
these assumptions to be reasonable, these assumptions are
inherently subject to significant business, economic, competitive,
market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which
could cause InMed's actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information contained herein. Known risk factors include, among
others: InMed may not complete the Offering at the times or in the
amounts expected, or at all; InMed may not receive all necessary
regulatory approvals for the Offering; InMed may not use net
proceeds received from the Offering as currently contemplated; and
InMed's bioinformatics platform, biosynthesis manufacturing process
and drug development programs may not return their expected level
of value.
A more complete discussion of the risks and uncertainties facing
InMed is disclosed in InMed's Annual Information Form and other
continuous disclosure filed with Canadian securities regulatory
authorities on SEDAR at www.sedar.com. All forward-looking
information herein is qualified in its entirety by this cautionary
statement, and InMed disclaims any obligation to revise or update
any such forward-looking information or to publicly announce the
result of any revisions to any of the forward-looking information
contained herein to reflect future results, events or developments,
except as required by law.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein in the United States. The securities described herein have
not been registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act"), or any state securities law
and may not be offered or sold in the "United States", as such term
is defined in Regulation S promulgated under the U.S. Securities
Act, unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration
requirements is available.
NEITHER THE TORONTO STOCK EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.