TORONTO, July 26, 2013 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, today announced the pricing of an underwritten public offering of 1,500,000 units of common shares and warrants at a price of US$2.05 per unit. The offering is being anchored by a healthcare dedicated institutional investor. In connection with the offering, the Company will be issuing an aggregate of 1,500,000 common shares and warrants to purchase an additional 375,000 common shares. The warrants will be exercisable immediately, have a term of five years and an exercise price of US$2.55 per common share. After underwriting discounts and commissions and estimated offering expenses, the Company expects to receive net proceeds of approximately US$2,500,000.
Intellipharmaceutics Announces Pricing Of Public Offering Of Common Shares And Warrants
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.