Ann: Incannex Undertakes A$13 Million Institutional Placement, page-131

One of the most important roles of the board is to ensure the business is funded. The biggest investment disasters I’ve had personally were in stocks where the board failed to do this.

2023 is a significant year in respect to the clinical trials but during a period of genuine uncertainty with global markets.

Joel and the board have executed on a placement that ensures all the clinical trials can continue in parallel, including the important blended phase 2 / phase 3 pivotal OSA trial. And importantly they can continue regardless of market conditions.

That is called leadership and as a shareholder with a material position in IHL I’m 100% behind this decision.

It’s shortsighted to criticize the placement price without evaluating where these funds will be deployed. The very minimal dilution will also have virtually no influence on the future blue sky for existing shareholders. It’s less than 5%.

A minor step back in price is completely acceptable IMO when you consider the balance sheet is basically bullet proof now.

This is sensible, responsible governance from a board that is putting IHL in the best position to leverage the one thing that will create returns for shareholders, the success of the clinical programs.