VANCOUVER, Feb. 27, 2017 /PRNewswire/ - InMed Pharmaceuticals, Inc. ("InMed") (CSE: IN;OTCQB: IMLFF), reported today that prior to their expiry on Friday, February 24, 2017 a total of 10,672,750 common share purchase warrants have been exercised at a price of $0.13 per common share. Proceeds from the exercise of these warrants totalled $1,387,458 and 10,672,750 common shares were issued from InMed's Treasury.
"We are grateful for this expression of confidence by our warrant holders. This infusion of capital further strengthens our balance sheet as we continue the execution of our business plan and corporate objectives for 2017" said Chris Bogart, SVP of Investor Relations.
No commissions or placement fees have been paid related to the funds received from this warrant exercise. Proceeds raised are for general corporate purposes.
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 in silico drug/disease bioinformatics assessment tool, cannabinoid biosynthesis technology and drug development pipeline are the fundamental value drivers of the Company. For more information, visit www.inmedpharma.com
Forward Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about the use of proceeds from the exercise of warrants and the expected fundamental value drivers of the company. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. 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. Known risk factors include, among others: InMed may not use the proceeds received from the exercise of warrants as currently contemplated and InMed's proprietary in silico drug/disease bioinformatics tool, product pipeline and accelerated development pathway may not return their expected level of value.
A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE InMed Pharmaceuticals Inc.