Intellipharmaceutics Announces US$4 Million Registered Direct Offering
INTELLIPHARMACEUTICS (IPCI)
Last intellipharmaceutics earnings: 10/15 05:15 pm
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US:NASDAQ Investor Relations:
ir.intellipharmaceutics.com
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Source: GlobeNewswire
TORONTO, Oct. 11, 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, today announced that it entered into securities purchase agreements with certain institutional investors providing for the purchase and sale of 3,636,364 common shares at a purchase price of US$1.10 per share in a registered direct offering, resulting in total gross proceeds of approximately US$4 million. The Company also agreed to issue 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 will be exercisable six months following the closing date and will expire 30 months after the date they become exercisable. The offering is expected to close on or about October 13, 2017, subject
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