InnoCan Pharma Corp. upsized its proposed IPO on the Canadian Securities Exchange.
The Israel-based company now plans to offer a minimum of 5,055,556 units and a maximum of 6,111,112 units, up from the previously disclosed range of 2,777,778 units to 5,555,556 units. InnoCan is still selling the units at 18 Canadian cents per unit.
InnoCan is expecting gross proceeds of C$910,000 to C$1.1 million and net cash proceeds of C$551,500 to C$722,500 from the offering.
Each unit includes one common share of the company and one-half of a common share purchase warrant. Each whole warrant entitles the holder to buy one common share of the company at 30 cents per share for a period of two years following the offering's closing.
InnoCan may also accelerate the expiry date of the warrants if the closing price of the company's common shares reach 35 cents or higher for 20 consecutive trading days.
Proceeds will be used for operating, sales and marketing and general and administrative expenses, as well as research and product development.
The units are being issued pursuant to an agency agreement between InnoCan and Leede Jones Gable Inc.
Israel's InnoCan Pharma develops pharmaceutical and nonpharmaceutical products using cannabidiol.
