Vancouver, BC – December 18, 2017 – InMed Pharmaceuticals, Inc. (“InMed” or the “Company”) (CSE:IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, announces a non-brokered private placement (the “Offering”) of up to 3,572,000 units at a price of CAD$0.70 per unit (each a “Unit”) for aggregate gross proceeds of up to CAD$2,500,000. Each Unit will consist of one common share and one non-transferable share purchase warrant (the “Warrant”). Each Warrant will be exercisable by the holder to acquire one additional common share at a price of CAD$1.25 for a period of 18 months from the closing of the Offering. Separate Closings for individual subscriptions upon acceptance by the Company may take place at such time as the Company may determine. Closings are anticipated to commence on or before December 22, 2017 or at such other time or times the Company may determine.
The Offering is being made to “accredited investors” under applicable exemptions from prospectus requirements, and may include one or more subscriptions by insiders and other existing shareholders of the Company. All or a portion of this Offering could be subject to finder’s fees or commissions. The private placement is subject to the approval of the Canadian Securities Exchange and the securities will be subject to a four month hold period under securities laws.
The Company intends to use the net proceeds from the private placement to advance the Company’s drug development programs and for general working capital and corporate purposes.
InMed is a preclinical stage biopharmaceutical company specializing in the research and development of novel, cannabinoid-based prescription drug therapies utilizing novel drug delivery systems. InMed conducts research, discovery, preclinical, clinical, regulatory, manufacturing and commercial development activities for its product candidates. InMed’s bioinformatics platform, its biosynthesis manufacturing process and its drug development programs are the fundamental value drivers of the Company. For more information, visit www.inmedpharma.com.
Contact: InMed Pharmaceuticals Inc.
Chris Bogart Investor Relations T: 604.669.7207 E: firstname.lastname@example.org
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 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; the potential subscription by one or more insiders; 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 CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.