Latest News Release From InMed Pharmaceuticals
February 25, 2015
InMed Pharmaceuticals, Inc. Closes Non-Brokered Private Placement for up to C$1,050,000
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Vancouver, BC - February 25, 2015 - InMed Pharmaceuticals, Inc. ("InMed") (CSE: IN; OTCQB: IMLFF), is pleased to announce that it has closed the non-brokered private placement for 10,500,000 units ("Units") at a price of $0.10 per Unit (the "Financing"). Each Unit consists of one common share and one non-transferable share purchase warrant. Each whole warrant will be exercisable by the holder to acquire one additional common share at a price of $0.13 for a period of twenty four (24) months following the closing of the financing.
Finders' fees of 10% 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 ($78,550.00) and 785,500 warrants ("Agent Warrants"). Each Agent Warrant shall be exercisable in whole or in part at an exercise price of $0.13 for a period of 24 months from the closing of the Financing.
The net proceeds from this private placement will be used for general working capital purposes. All securities issued pursuant to the Financing will be subject to a four month and one day hold period from the date of closing of the Financing.
InMed is a 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 platform technology, product pipeline and accelerated development pathway are the fundamental value drivers of the company. For more information, visit www.inmedpharma.com