Mydecine Innovations Group Announces Private Placement; Interim Changes to Management and Board of Directors

Mydecine Innovations Group Inc. (NEO: MYCO | OTC: MYCOF | FSE: 0NFA), a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, is pleased to announce that it has entered into a Common Share Subscription Agreement (the “Subscription Agreement”) with a third-party investor in the Company (the “Subscriber”) on August 15th, 2022. Pursuant to the Subscription Agreement, the Subscriber subscribed for, and the Company issued, 326,666 common shares in the capital of the Company at a subscription price of $0.75 per common share for aggregate gross proceeds to the Company of $244,999.50. The funds raised through this private placement will be used to further the Company’s drug development initiatives.

The Company also announced today that Joshua Bartch, Todd Heinzl, and Robert Roscow have been appointed on an interim basis as members of the Company’s Audit Committee. The appointment of Messrs. Bartch, Heinzl and Roscow follows the resignation of the three independent directors who formerly constituted the Audit Committee from the Company’s board of directors.

In appointing Messrs. Bartch, Heinzl and Roscow as interim members of the Audit Committee, Mydecine is relying on the exemption provided by Section 3.5 of National Instrument 52-110 (the “Instrument”) from the requirement of in subsections 3.1(3) of the Instrument. The Board of Directors of the Company has determined that reliance on the exemption provided by Section 3.5 of the Instrument will not materially adversely affect the ability of the Company’s Audit Committee to act independently and to satisfy its other requirements under the Instrument.

The Company is actively conducting a search to find suitably qualified individuals to be considered as replacement director nominees to fill the vacancies on the Board and Audit Committee, and to regain compliance with the Instrument.

The Company also announced today that Larry Dean Ditto has resigned as Chief Financial Officer of the Company, for personal reasons. Mr. Ditto’s resignation will be effective as of August 19, 2022. The Company has appointed Damon Michaels, the Company’s chief operating officer, to serve as interim chief financial officer until such time as a suitable replacement for Mr. Ditto is appointed.

Mydecine Innovations Group™ (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is a biotechnology company developing the next generation of innovative medications and therapies to address mental health disorders such as nicotine addiction and post-traumatic stress disorder (PTSD). The core strategy blends advanced technology with an elaborate infrastructure for drug discovery and development. Mydecine’s dedicated multinational team constantly develops new paths for breakthrough treatment solutions in areas with considerable unmet needs. By collaborating with some of the world’s leading specialists, the Company aspires to responsibly speed up the development of breakthrough medications to provide patients with safer and more effective treatment solutions. At the same time, Mydecine’s approach focuses on the next generation of psychedelic medicine by creating innovative compounds with unmatched therapeutic potential through its clinical trial efforts with world-class scientific and regulatory expertise. Headquartered in Colorado, USA, Mydecine was founded in 2020, with offices in Alberta, Canada, and Leiden, Netherlands.