- The clinics will open in Austin and Bee Cave, Texas, and will be led by Illumma
KetamineOne Capital Limited (NEO: MEDI) (OTC: KONEF), a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, is pleased to announce that it has recently entered into a non-binding letter of intent (“LOI”) to enter into an arranged partnership (“Arrangement”) with Illumma LLC, (“Illumma”).
With clinics located in Austin and Bee Cave, Texas, Illumma is a leading ketamine infusion practice treating individuals with mental health issues, mood disorders and chronic pain issues. Under the contemplated Arrangement, Illumma’s two locations would be jointly supported alongside the Company’s existing network of clinics across North America, thereby raising the profile of Ketamine One’s innovative mental health platform and approach to patient care in the United States.
Pursuant to the terms of the LOI, the consideration contemplated for the Arrangement is estimated to be $980,000. The consideration is proposed to be payable as $490,000 in common shares of Ketamine One and $490,000 in cash, of which $350,000 is to be allocated by Illumma toward the construction of future clinics, among other terms and conditions. The final amount shall be determined by multiplying the total amount of 2021 audited gross revenues from treatments performed at Illumma’s existing clinics by a factor of two, and then netting that amount by a minority percentage to arrive at the consideration due by Ketamine One to Illumma.
Management Commentary
“We look forward to completing this Arrangement with Illumma and significantly growing our offering of clinics to prospective patients in the United States. Illumma’s ketamine infusion therapies provide important relief and offer hope to Texans who feel lost or are struggling with chronic illness and pain,” “Through Dr. Ken Adolph’s leadership, Illumma’s two existing clinics have already contributed to the improved mental health of their patients by applying innovative ketamine infusion therapies like those offered in Ketamine One’s clinical network. We expect that this arrangement will attract other partnerships or even acquisition targets, and yield further expansion opportunities across the United States,”
Adam Deffett, Interim CEO of Ketamine One.
ABOUT KETAMINE ONE
KetamineOne Capital Limited (formerly Myconic Capital Corp.) (NEO: MEDI) is a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments. It is working to provide the critical infrastructure needed to develop and deliver breakthrough mental health treatments. Currently, Ketamine One has a network of 16 clinics across North America, with plans to further consolidate the highly fragmented industry. The recent addition of KGK Science Inc. as the Company’s contract research division also places the company at the forefront of premium clinical research based on its 24-year history and extensive experience in pharmaceuticals, cannabis, and the emerging psychedelic medicine industries. As a collective enterprise, Ketamine One is dedicated to helping solve the growing need for safe and accessible mental health therapy.