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Innocan Pharma Corporation announced plans for an initial public offering of 1,538,462 units priced at an estimated $9.875 per unit, according to a company statement.
Each unit consists of one common share and one warrant to purchase an additional common share. The warrants carry an exercise price of $12.3438 per share, representing 125% of the estimated offering price, and expire five years from issuance.
The company has applied to list its common shares and warrants on the Nasdaq Capital Market under symbols "INNP" and "INNPW" respectively. Listing approval on a national securities exchange is a condition for closing the offering.
Innocan Pharma’s shares currently trade on the Canadian Securities Exchange under "INNO," closing at CAD$0.18 on September 3. The shares also trade on the OTCQB Venture Market as "INNPF" at $0.155 and on the Frankfurt Stock Exchange as "IP4" at EUR$0.12.
The company noted that current trading prices may not reflect the actual offering price, which will be determined based on prevailing market conditions and negotiations with underwriters.