Innocan Pharma Announces Offering of a Debenture to its Largest Shareholder, Tamar Innovest

Executive Summary

• Innocan Pharma announced a private placement debenture to its largest shareholder, Tamar Innovest Ltd., for gross proceeds of US $450,000.
• The 10% per‑annum debenture matures at the earlier of 12 months from issuance or completion of Innocan’s previously announced U.S. public offering.
• Proceeds will be used for working capital, NYSE listing costs and general corporate purposes; the transaction is a related‑party financing relying on MI 61‑101 exemptions.

Key Details

• Offering Size: US $450,000 gross proceeds.
• Instrument: Secured debenture bearing 10% annual interest.
• Maturity: Earlier of (i) 12 months from issuance date or (ii) completion of the Company’s proposed U.S. public offering under its Form F‑1 registration statement.
• Security: General security agreement entered into on March 7, 2025; security interest filed in Alberta.
• Closing Date: Expected on or about March 12, 2026.
• Use of Proceeds: Working capital, costs associated with NYSE listing, and general corporate purposes.
• Related‑Party Nature: Tamar Innovest holds 765,020 common shares (≈17% of outstanding equity) and is managed by a company director; the transaction qualifies for MI 61‑101 exemptions because fair market value ≤25% of market capitalization.
• Board Approval: The debenture offering was approved by independent directors of Innocan Pharma.
• CEO Comment: “We are delighted to receive an additional investment from our largest shareholder, Tamar Innovest.” – Iris Bincovich, CEO.

Notable Quotes

“We are delighted to receive an additional investment from our largest shareholder, Tamar Innovate,” — Iris Bincovich, CEO, Innocan Pharma Corporation.