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InMed Pharmaceuticals plans private placement

InMed Pharmaceuticals Inc. said it will offer up to 3,572,000 units via a nonbrokered private placement with certain investors.

The units will be priced 70 Canadian cents apiece, for gross proceeds of up to C$2.5 million.

Each unit will include 1 common share and 1 nontransferable share purchase warrant. Each warrant can be used to buy 1 additional common share at C$1.25 for a period of 18 months from the closing of the offering.

InMed plans to use net proceeds to advance the company's drug development programs and for general working capital and corporate purposes.

Dates for separate closings for individual subscriptions will be determined by the company.

Closings are expected to occur on or before Dec. 22.