IGC Pharma raises $3M in private placement of 10M shares at $0.30/sh

IGC Pharma, Inc.

Gross proceeds of $3M from Bradbury Asset Management (≈$2B AUM) and three other investors.
10 million unregistered common shares at $0.30 each; no warrants or derivatives included.
Funds to advance Phase-2 clinical trial of IGC-AD1 for agitation in Alzheimer's dementia.
Closing subject to NYSE approval; strengthens working capital for pipeline development.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IGC Pharma, Inc. entered into 2023 Share Purchase Agreement with certain investors valued at $3,000,000 (effective 2023-06-30).

Action: entry
Agreement: equity purchase
Counterparty: certain investors
Value: $3,000,000
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, IGC Pharma, Inc. (“IGC” or the “Company”) entered into the 2023 Share Purchase Agreement (the “2023 SPA”) with certain investors relating to the sale and issuance by our company to the investors of an aggregate of 10,000,000 shares of our common stock, for a total purchase price of $3,000,000 or $0.30 per share, subject to the terms and subject to the conditions set forth in the Purchase Agreement.

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IGC Pharma, Inc. filing history →

Source: SEC EDGAR

accession 0001185185-23-000688

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