Vancouver, BC – October 4, 2016 – InMed Pharmaceuticals, Inc. (“InMed”) (CSE: IN; OTCQB: IMLFF), is pleased to announce a non-brokered private placement of up to 18,750,000 units (“Units”), at a price of $0.08 per Unit for gross proceeds of C$1,500,000.
Completion of the private placement is subject to receipt of regulatory approval. All securities issued pursuant to the offering will be subject to a statutory four-month hold period under applicable securities laws.
The proceeds from this private placement will be used for general working capital purposes and a portion will be used to settle debt. Finders’ fees in cash may be payable in accordance with the policies of the Exchange.
In connection with the private placement, certain insiders expect to sell up to an aggregate $500,000 common shares through the facilities of the CSE and to purchase an equivalent dollar amount or greater of Units in the Private Placement. The participation of insiders in the private placement constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). InMed will rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by such insiders will exceed 25% of its market capitalization.
InMed is a pre-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
ON BEHALF OF THE BOARD
Contact: InMed Pharmaceuticals Inc.
SVP, Investor Relations and Corporate Strategy
E: [email protected]
Cautionary Note Regarding Forward-Looking Information
Forward Looking Statements
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Additionally, there are known and unknown risk factors which could cause InMed Pharmaceuticals actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed Pharmaceuticals disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
These risks and uncertainties include, among others, the possibility that clinical trials will not be successful, or be completed, or confirm earlier clinical trial results, risks associated with obtaining funding from third parties, risks related to the timing and costs of clinical trials and the receipt of regulatory approvals.
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