Incannex Healthcare Ltd (ASX:IHL, NASDAQ:IXHL) has finalised its loyalty option offer to shareholders to raise A$23.6 million.
The clinical-stage pharmaceutical company is developing unique medicinal cannabinoid pharmaceutical products and psychedelic medicine therapies for unmet medical needs, with the money raised to go primarily to ramping up research and development activities in 2022 and 2023.
Loyalty options expired on April 22, 2022, and a total of 67.3 million new shares will be issued soon as a result of the entitlement program.
For every two new shares that will be issued, one piggy-back option will be granted to participants.
Piggy-back options will be issued shortly and have an exercise price of A$1.00 (equivalent to approximately US$18.25 per ADS on Nasdaq), expiring April 28, 2023.
A total of 33.7 million piggy-back options will be issued.
Highlighting the confidence of its directors in Incannex, they collectively hold 175.9 million shares and permitted their entitlement of approximately 11.7 million shares, representing A$4.1 million in investment capital.