Innocan Pharma Concludes Significant Debenture Unit Offering with Tamar Innovest Limited

Innocan Pharma Finalizes Debenture Unit Offering

Innocan Pharma Corporation, known as an innovator in the pharmaceutical sector, has announced the successful closure of its non-brokered private placement offering of a debenture unit to its largest shareholder, Tamar Innovest Limited. This move is expected to secure gross proceeds of $1,000,000, which will strengthen the company’s financial position and provide essential working capital for its operations.

The debenture unit comprises a secured convertible debenture and warrants, marking a significant step toward financial sustainability and growth for Innocan. The debenture has a two-year maturity period, bearing an interest rate of 10% annually, and it is convertible into common shares prior to its maturity, allowing for flexibility and potential shareholder expansion. The conversion price is set at $0.21 per share, offering potential for value appreciation.

Additionally, the offering includes 5,555,555 warrants that are exercisable into common shares at a price of CAD$0.26 for a four-year period from the issuance date. This structure is aimed at providing additional avenues for increasing shareholder equity while positioning Innocan to leverage funding towards strategic growth initiatives, including research and development.

CEO Iris Bincovich expressed her enthusiasm over sealing this deal with Tamar Innovest, emphasizing the long-standing partnership that has nurtured the company's ambitions since its inception. Given that Tamar Innovest holds approximately 17.14% of the issued and outstanding common shares in Innocan, this transaction also reflects a commitment by a major investor to the company’s vision and future.

This debenture offering was structured to comply with regulatory frameworks, including provisions protecting minority shareholders, which require full disclosure of related party transactions. The directors have approved the offering, ensuring governance mechanisms are in place.

Tamar Innovest, managed by Ralph Bossino, a director at Innocan, is expected to continue playing a pivotal role in the company’s development. Following the offering, Tamar Innovest will possess a mix of common shares and newly acquired debenture units, emphasizing its stake in Innocan’s ongoing story.

Innocan Pharma focuses on developing cutting-edge therapeutics, particularly in non-opioid pain management using CBD-loaded drug delivery systems. Alongside pharmaceuticals, the company also markets wellness products designed for self-care and healthier lifestyles. The infusion of new capital via this offering will not only bolster Innocan's operational capabilities but also enhance its market strategies, particularly in the growing cannabis wellness sector.

As Innocan Pharma progresses, it aims to deploy these funds towards operational improvements, product development, and enhancing its market presence. Moreover, this offering aligns with Innocan’s broader mission of pioneering innovative solutions in both pharmaceuticals and wellness sectors, as it expands its portfolio to cater to a diverse consumer base seeking advanced healthcare solutions.

With this strategic move, Innocan Pharma signals its determination to grow and excel in the competitive pharmaceutical landscape, leveraging its core competencies and investor support to navigate upcoming challenges efficiently.