Innocan Pharma Announces Closing of Debenture Unit Offering to its Largest Shareholder, Tamar Innovest Limited
Summary
The Offering has been approved by the directors of the Company who are independent in connection with such transactions.Tamar Innovest, head office located at 3 Bedlam Court, Office Suite 3 Montarik Building, Gibraltar GX11 1AA, announces an update to its beneficial ownership of securities of the Company in accordance with the "early warning" requirements under applicable Canadian securities law in response to its acquisition of the Debenture Unit for US $1,000,000.Immediately prior to the Offering, Tamar Innovest held ownership and control of 49,726,309 Common Shares representing 17.14% of the current issued and outstanding Common Shares.Immediately following the Offering, Tamar Innovest holds ownership and control of 49,726,309 Common Shares, 1 (one) Debenture and 5,555,555 Warrants. Therefore, Tamar Innovest currently owns or controls approximately 17.14% of the issued and outstanding Common Shares on a non-diluted basis and 19.99% of the issued and outstanding Common Shares on a partially-diluted basis.Tamar Innovest alone acquired the securities for investment purposes and may, from time to time in the future, increase or decrease its direct or indirect ownership, control or direction over Common Shares or other securities of the Company through market transactions, private agreements, subscriptions from treasury or otherwise, except in connection with the possible conversion of the Debenture or the exercise of the Warrants.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. In the pharmaceuticals sector, Innocan developed a CBD-loaded liposome drug delivery platform with exact dosing, prolonged and controlled release of synthetic CBD for non-opioid pain management. In the wellness sector, Innocan develops and markets a wide portfolio of high-performance self-care and beauty products to promote a healthier lifestyle. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements.