InMed Pharmaceuticals Inc. INM has entered into securities purchase agreements with a single healthcare-focused institutional investor for the issuance and sale of 4.08 million of its common shares at a purchase price of $0.858 per share in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, InMed has also agreed to issue and sell to the investor 1.75 million common shares at the same purchase price as in the registered direct offering.
In addition, the company has agreed to issue to the investor in the offerings unregistered preferred investment options to purchase up to an aggregate of 5.83 million common shares. The aggregate gross proceeds to the company of both offerings are expected to be approximately $5 million. The offerings are expected to close on or about June 6, 2022, subject to the satisfaction of customary closing conditions.
The company intends to use the net proceeds from the offerings to continue pipeline development, advance commercial activities and for general working capital purposes.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
The unregistered investment options to be issued in the offerings will be exercisable immediately upon issuance at an exercise price of $0.74 per share and will expire six and one-half years from the date of issuance.
The company also has agreed that certain existing warrants to purchase up to an aggregate of 4.48 million common shares of the company that were previously issued to the investor, with exercise prices ranging from $2.848 to $5.11 per share and expiration dates ranging from July 2, 2026 to November 16, 2026, will be amended effective upon the closing of the registered direct offering so that the amended warrants will have a reduced exercise price of $0.74 per share, will not be exercisable until six months following the closing of the registered direct offering and will expire seven years following the closing of the registered direct offering.
Photo by Diyahna Lewis on Unsplash
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