Bright Minds Biosciences Announces Closing of $4 Million Unit Offering

Bright Minds Biosciences Inc. (CSE:DRUG | NASDAQ:DRUG) is pleased to announce that it has closed its previously announced overnight marketed offering of 2,858,000 units of the Company at a price of $1.40 per Unit for gross proceeds of approximately $4 million.

Each Unit is comprised of one common share in the capital of the Company and one Common Share purchase warrant. Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.76 per Warrant until August 30, 2024, subject to adjustment in certain events.

The net proceeds of the Offering will be used by the Company for preclinical development activities and clinical development activities, as well as general working capital.

In connection with the Offering, the Agent was paid cash commission for their services in the amount of $280,084 plus expenses and received compensation warrants entitling them to purchase an aggregate of 134,040 Units for $1.40 for a period of two years, with the Units having the same terms as the Units sold pursuant to the Offering. The Advisor additionally was paid $93,326.80 plus expenses and received 91,158 Compensation Warrants.The securities issued pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult to treat disorders such as resistant epilepsy, treatment resistant depression, PTSD, and pain. The Company leverages its world-class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds’ drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other
serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first generation compounds, such as psilocybin.