TORONTO, May 20, 2014 (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 that it has filed a preliminary short form base shelf prospectus with securities regulatory authorities in each of the provinces and territories of Canada, except Quebec, and filed a registration statement with the United States Securities and Exchange Commission on Form F-3. Once the shelf prospectus is cleared and the shelf registration statement becomes effective, these filings would, subject to securities regulatory requirements and limitations, provide for the potential offering of up to an aggregate of US$100 million of the Company's common shares, preference shares, warrants, subscription receipts and units, or any combination thereof, from time to time in one or more offerings. This shelf prospectus is intended to give Intellipharmaceutics the flexibility to take advantage of financing opportunities when, and if, market conditions are favorable to the Company. The specific terms of such future offerings, if any, would be established, subject to the approval of the Company's Board of Directors, at the time of such offering and will be described in detail in a prospectus supplement filed at the time of any such offering.
A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities in any jurisdiction, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.