InMed Pharmaceuticals down on $6 million discounted private placement

InMed Pharmaceuticals

12/09/2022 12:24

** Shares of InMed Pharmaceuticals Inc  INM.O  down 9.5% at
$9.97 premarket
    ** Announces private placement of shares worth $6 million to
two healthcare-focused institutional investors  urn:newsml:reuters.com:*:nGNX48Xkhl
    ** Private placement includes issuance and sale of 691,245
shares at $8.68 per share, a 21.2% discount to the last closing
price
    ** Co also agrees to issue the investors options to buy up
to a total of 1.4 mln shares, exercisable anytime until the next
seven years
    ** Offer expected to close on or about Tuesday
    ** Shares surged 24% on Friday on increased retail investor
attention  urn:newsml:reuters.com:*:nL4N30G2F2
    ** Up to Friday's close, stock had lost 66.4% YTD

 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))