More dilution of shares. How many years of this stuff.
TORONTO, March 19, 2013 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (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 is raising approximately US$3.1 million in a registered direct unit offering at a price of US$1.72 per unit. In connection with the offering, the Company will be issuing to the investors an aggregate of 1,815,000 common shares and warrants to purchase an additional 453,750 common shares. The warrants will be exercisable immediately, have a term of five years and an exercise price of US$2.10 per share of common stock. After placement agent fees and estimated offering expenses, the Company expects to receive net proceeds of approximately US$2.7 million. The offering is expected to close on or about March 22, 2013, subject to customary closing conditions.