- Mydecine Innovations Group announced the closing of its previously-announced bought-deal public offering led by Canaccord Genuity Corp.
- The company issued 34,500,000 units of the company at a price of C$0.50 per unit for aggregate gross proceeds to the company of C$17,250,000.
Mydecine Innovations Group (MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company’), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, is pleased to announce the closing of its previously-announced bought-deal public offering led by Canaccord Genuity Corp. (“Canaccord” or the “Underwriter”) pursuant to which the Company issued 34,500,000 units of the Company (the “Units”) at a price of C$0.50 per Unit (the “Issue Price”) for aggregate gross proceeds to the Company of C$17,250,000 (the “Offering”), which includes the full exercise of the over-allotment option to purchase 4,500,000 Units at the Issue Price.
“We are excited about the closing of this financing. We greatly appreciate the interest and support from our investor base. This offering further strengthens Mydecine’s balance sheet and positions the Company for continued growth in 2021.”
Joshua Bartch – Chief Executive Officer of Mydecine
Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will be exercisable to acquire one Common Share (a “Warrant Share”) at any time until February 12, 2024 at an exercise price of $0.70 per Warrant Share.
The Warrants are expected to be listed for trading on the Canadian Securities Exchange commencing on Tuesday, February 16, 2021.
The Company plans to use the net proceeds of the Offering to invest in additional clinical trials, for expansion of its intellectual property portfolio, continued development of its drug pipeline, expanded research and development partnerships and initiatives and for general working capital purposes.
About Mydecine Innovations Group
Mydecine Innovations Group™ (CSE: MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.
At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.