IntelliPharmaCeutics (IPCI -7.8%) takes a hit today after saying it plans to raise around $3.1M...

|About: IntelliPharmaCeutics Intern... (IPCI)|By:, SA News Editor

IntelliPharmaCeutics (IPCI -7.8%) takes a hit today after saying it plans to raise around $3.1M in a registered direct unit offering at $1.72 per unit. IPCI will issue 1.815 million 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. The offering is expected to close on or about March 22.