Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, is pleased to announce that it has received subscription agreements for gross proceeds of CAD$1.22 million from a consortium led by Brandon Kerzner, a member of the globally recognised Kerzner family. Brandon has a focus on investing in technology and life science advancement industries. The Company is seeking to raise up to CAD$3 million and may upsize the financing at its discretion.
The non-brokered private placement is subject to the approval of the CSE and the securities will be subject to a four month hold period under securities laws. Net proceeds from the non-brokered private placement will be used to advance the Company’s palliative care clinical trial, drug development, production facility enhancement and for general working capital.
“We are delighted to have attracted investment from a member of one of South Africa’s most globally recognised family offices. The consortium led by the Brandon Kerzner are sector specialists and we look forward to advancing our relationship with the new investor consortium as we progress our business.”
Dr. Neil Maresky, Psyence Chief Executive Officer
About Psyence Group
Psyence is a life science biotechnology company with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.
Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development. We work to develop advanced natural psilocybin products for clinical research and development.
Our key divisions, Psyence Production, Psyence Therapeutics and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom, Southern Africa, and a presence in the United States and Australia.