Innocan Pharma Announces Brokered LIFE Offering of Units for Up to $3 Million

NOT FOR DISSEMINATION IN OR INTO THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

HERZLIYA, Israel and CALGARY, Alberta, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Innocan Pharma Corporation (the “Company”) (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) is pleased to announce that it has entered into an agreement with Research Capital Corporation as the sole agent and sole bookrunner (the “Agent”) on a “best efforts” agency basis in connection with a marketed private placement offering (the “Offering”) of units of the Company (each, a “Unit”) at a price of $0.30 per Unit for aggregate gross proceeds of up to $3,000,000.

Each Unit shall be comprised of one common share of the Company (a “Common Share”) and one purchase warrant of the Company (a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.36 for a period of 36 months from Closing (as defined herein).

The Company will grant the Agent an option (the “Agent’s Option”) to increase the size of the Offering by up to 15% of the number of Units by giving written notice of the exercise of the Agent’s Option, or a part thereof, to the Company at any time up to 48 hours prior to Closing of the Offering.

The Offering will be conducted pursuant to the amendments to National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) set forth in Part 5A thereof (the “Listed Issuer Financing Exemption”) to purchasers resident in Canada, except Québec. The Units offered under the Listed Issuer Financing Exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws. There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at https://innocanpharma.com/. Prospective investors should read this offering document before making an investment decision.

The net proceeds from the Offering will be used to fund the Company’s pre-investigational new drug meeting with the United States Food and Drug Administration (the “FDA”) regarding the human application of the Company’s products; the investigational new animal drug meeting with the FDA regarding the veterinary application of the Company’s products; and (iii) for the expansion of the Company’s derma-cosmetic product distribution.