Innocan Pharma Corporation Closes C$8.2 Million Private Placement with Institutional Investors

3.6 min readPublished On: October 14th, 2021By

HERZLIY, Israel – Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) announced that it has closed its previously announced private placement of the Company’s common shares and warrants to purchase common shares to institutional investors for aggregate gross proceeds to the Company of C$8 million.

“Innocan Pharma is growing,” said CEO Iris Bincovich. “This fundraising will support our R&D and distribution efforts. We received a warm welcome from these new institutional investors and we believe it is an indicator that we are building on our achievements as a Company and are on the right track.’

 

(Iris Bincovich, CEO of Innocan Pharma Corp)

This news release shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities of the Company nor shall there be any sale of any of the securities in any jurisdiction in Canada in connection with the Private Placement; nor shall it constitute an offer to sell, or the solicitation of an offer to buy, any securities of the Company nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release shall not constitute an offer of securities for sale in the United States. The securities have not been, and will not be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, assumptions relating to the Private Placement.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to: additional financing requirements; general global and local (national) economic, market and business conditions; governmental, regulatory and stock exchange requirements and approvals and actions by governmental authorities; the success of the Company’s research and development activities; risks related to the Company’s license agreements; the integration of CBD into the Company’s dermal products; the treatment of conditions and/or relief of symptoms resulting from the use of the Company’s technologies and products; the Company’s collaborations with Ramot at Tel Aviv University and Hebrew University of Jerusalem, suppliers, manufacturers, customers, business partners and competitors; timing for market entry ay change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

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