Huge private placement closed for $IMLFF!
InMed Pharmaceuticals, Inc. Closes Non-Brokered Private Placement for C$1,500,000
Canada NewsWire
VANCOUVER, Jan. 18, 2017
/NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CSE: IN
OTCQB: IMLFF
VANCOUVER, Jan. 18, 2017 /CNW/ - InMed Pharmaceuticals, Inc. ("InMed") (CSE: IN; OTCQB: IMLFF), is pleased to announce that it has increased the previously announced (January 5, 2017) private placement up to $1,000,000 (5,555,555 units) at $0.18 per unit (the "Financing"), and has closed on 8,333,334 units at a price of $0.18 per Unit ("Unit") for aggregate gross proceeds of CDN $1,500,000.00.
Finders' fees of 7% on a portion of the gross proceeds received by the Company from the sale of Units sold pursuant to the Financing shall include cash of $56,603.45, 153,665 compensation shares, and 114,644 warrants ("Agent Warrants"). Each Agent Warrant shall be exercisable in whole or in part at an exercise price of $0.18 for a period of 12 months expiring on January 18, 2018.
The net proceeds from this private placement will be used for general working capital purposes. All the Units issued in connection with the Financing will be subject to a restricted resale period that expires on May 19, 2017.
InMed also announces Craig Schneider will be stepping down as a Director of the Company, effective January 12, 2017. The Board wishes to thank Mr. Schneider for his efforts in advancing the company to its current stage of development.
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 in silico drug/disease targeting platform, cannabinoid biosynthesis technology and drug development pipeline are the fundamental value drivers of the Company. For more information, visit www.inmedpharma.com
