Mydecine Innovations Group Inc. (NEO: MYCO | OTC: MYCOF | FSE: 0NFA) is pleased to announce that, in connection with its previously announced Common Share Subscription Agreement with a third-party investor dated March 18, 2022 and the subsequent filing of a second shelf prospectus supplement in connection therewith on April 27, 2022, the Company has closed the second issuance under the Subscription Agreement.

The Offering resulted in the issuance of 1,254,396 common shares in the capital of the Company at a price of $1.35 per Share for aggregate gross proceeds of $1,693,434.60. The distribution of the Shares is qualified by the Prospectus Supplement.

The Company will use the proceeds of the Offering as described in the Prospectus Supplement. In connection with the closing of the Offering, the Company paid a cash finder’s fee equal to 3% of the net proceeds to a certain finder.

The Company’s first issuance under the Subscription Agreement, announced on March 22, 2022, was completed on March 31, 2022 and resulted in aggregate gross proceeds to the Company of $333,333.35.

The Prospectus Supplement and Base Shelf Prospectus are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at

About Mydecine Innovations Group Inc.

Mydecine Innovations Group is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.