InMed Pharmaceuticals (INM) Announces $4.5 Million Private Placement

February 5, 2021 9:36 AM EST

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InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM) (TSX: IN), a clinical-stage pharmaceutical company developing medications targeting diseases with high unmet medical need and leading the clinical development of cannabinol ("CBN"), today announced today announced that it has entered into definitive agreements with certain institutional investors to raise aggregate gross proceeds of approximately US$4.5 million at a price of US$4.25 per unit in a private placement of its equity securities. Each unit consists of one common share and 0.66 of a warrant to purchase one common share. Each whole warrant has an exercise price of US$4.85 per share, is exercisable six months following issuance and has a term of five and one half years following issuance. After the placement agent fees and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately US$4.0 million. The offering is expected to close on or about February 12, 2021, subject to customary closing conditions and Toronto Stock Exchange and Nasdaq approval.

InMed intends to use the net proceeds from the offering for working capital purposes.

Roth Capital Partners acted as exclusive placement agent for the transaction.

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