VANCOUVER, BC, Feb. 5, 2021 /PRNewswire/ - InMed
Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq:INM)
(TSX:IN), a clinical-stage pharmaceutical company developing
medications targeting diseases with high unmet medical need and
leading the clinical development of cannabinol ("CBN"), today
announced today announced that it has entered into definitive
agreements with certain institutional investors to raise aggregate
gross proceeds of approximately US$4.5
million at a price of US$4.25
per unit in a private placement of its equity
securities. Each unit consists of one common share and 0.66
of a warrant to purchase one common share. Each whole warrant has
an exercise price of US$4.85 per
share, is exercisable six months following issuance and has a term
of five and one half years following issuance. After the placement
agent fees and estimated offering expenses payable by the Company,
the Company expects to receive net proceeds of approximately
US$4.0 million. The offering is
expected to close on or about February 12,
2021, subject to customary closing conditions and Toronto
Stock Exchange and Nasdaq approval.
InMed intends to use the net proceeds from the offering for
working capital purposes.
Roth Capital Partners acted as exclusive placement agent for the
transaction.
The securities offered in the private placement have not been
registered under the Securities Act of 1933, as amended, or
applicable under state securities laws. Accordingly, the securities
may not be offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws. As part of the transaction, InMed has agreed
to file a registration statement with the Securities and Exchange
Commission within 30 days of the closing to register the resale of
the shares of common stock and common shared underlying the issued
in the private placement.
No securities will be offered or sold, directly or indirectly,
in Canada or to any resident of
Canada.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About InMed: InMed Pharmaceuticals is a clinical-stage
pharmaceutical company developing a pipeline of cannabinoid-based
medications, initially focused on the therapeutic benefits of
cannabinol ("CBN") in diseases with high unmet medical need. The
Company is dedicated to delivering new therapeutic alternatives to
patients that may benefit from cannabinoid-based medicines. For
more information, visit www.inmedpharma.com.
Cautionary Note 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 closing of the offering; the use of the net
proceeds; the filing of a registration statement by InMed with the
Securities and Exchange Commission within 30 days of closing or at
all; and delivering new therapeutic alternatives to patients that
may benefit from cannabinoid-based medicines.
With respect to the forward-looking information contained in
this news release, InMed has made numerous assumptions regarding,
among other things: the ability to obtain all necessary regulatory
approvals on a timely basis, or at all; the closing of the offering
on a timely basis on the terms described herein, or at all; 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: regulatory filings may not be filed or approved on a timely
basis, or at all; InMed's securities issuable in connection with
the offering may not be accepted for registration by the Securities
and Exchange Commission on a timely basis, or at all; InMed may not
be able to advance its other product candidates on a timely basis,
or at all; economic or market conditions may worsen; InMed's
cannabinoid manufacturing process and drug development programs may
not deliver the expected level of results; and InMed may not be
able to provide new therapeutic alternatives that benefit patients
via cannabinoid-based medicines. A more complete discussion of the
risks and uncertainties facing InMed is disclosed in InMed's
filings with the Security and Exchange Commission and the most
recent Annual Information Form 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.
NEITHER THE TORONTO
STOCK EXCHANGE NOR ITS REGULATIONS
SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
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SOURCE InMed Pharmaceuticals Inc.