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Innocan Pharma Corp (OTC: INNPF) Stock On Watchlist Following Closing of Private Placement

Mark Mckelvie

If you are currently on the lookout for pharmaceutical stocks, then it may be a good time to take a look into Innocan Pharma Corp. (OTC: INNPF). On December 31 the company was in sharp focus after it made an announcement with regards to the closing of a private placement.

The Announcement

The company hit the news cycle on Wednesday after it announced that it was successful in closing a private placement consisting of units in Innocan Pharma Corp. As per the previously announced private placement, the company issues as many as 3,177,223 units for the price of C$0.20 each and managed to raise total gross proceeds to the tune of C$635,444.60. The announcement was a significant one, and it now remains to be seen if that leads to any traction for the stock in the upcoming days or not.

Further Details

In the news release, it was also noted that each unit was made up of one common share in Innocan Pharma Corp and one common share purchase warrant of the company. The holder of a warrant would be able to pick up a common share for the exercise price of C$0.28. The warrant could be exercised up until four years since the date of issuance.