Intellipharmaceutics Announces Closing of US$4 Million Financing [Canadian Business Journal (Canada)]
INTELLIPHARMACEUTICS (IPCI)
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Source: Canadian Business Journal
Intellipharmaceutics Announces Closing of US$4 Million Financing TORONTO, Oct. 13, 2017 (GLOBE NEWSWIRE) — Intellipharmaceutics International Inc. (Nasdaq: IPCI ) (TSX: IPCI ) (“Intellipharmaceutics” or the “Company”), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled- and targeted-release oral solid dosage drugs, announced today the closing of its previously announced registered direct offering consisting of 3,636,364 common shares at a price of US$1.10 per share for gross proceeds of approximately US$4 million. The Company also issued to the investors unregistered warrants to purchase an aggregate of 1,818,182 common shares at an exercise price of US$1.25 per share. The warrants are exercisable six months following the closing date and will expire 30 months after the date they become exercisable. After commissions and estimated offering expenses, the Company received net proceeds of approximately US$3.4 Milli
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