Mydecine Innovations Group Files Prospectus Supplement and Announces Closing Under Share Subscription Agreement

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, in connection with its previously announced Common Share Subscription Agreement with a third-party investor dated August 26, 2022, the Company has filed a shelf prospectus supplement to the Company’s Final Short Form Base Shelf Prospectus for the province of Québec and Amended and Restated Final Short Form Base Shelf Prospectus for each of the provinces of Canada, dated January 28, 2022 .

The Prospectus Supplement is the second supplement filed in connection with the Subscription Agreement and provides, among other things, that the Company is qualifying the distribution of up to 943,396 common shares in the capital of the Company to the Investor at a price of $0.53 per Share for aggregate gross proceeds of up to $499,999.88

The Company also announced today the closing of the second issuance under the Subscription Agreement. The Offering resulted in the issuance of 943,396 Shares at a price of $0.53 per Share for aggregate gross proceeds of $499,999.88. The distribution of such Shares is qualified by the Prospectus Supplement. The Company will use the proceeds of the Offering as described in the Prospectus Supplement.

Mydecine Innovations Group™ 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. Founded in 2020, Mydecine is based out of Colorado, USA, with extended offices in Alberta, Canada, and Leiden, Netherlands.