Champignon Brands Inc (CSE:SHRM) announced Thursday it had closed a C$15 million bought deal offering to fund its North American clinical expansion.
Under the deal terms, the psychedelic healthcare company sold a total of 17,647,500 units priced at C$0.85, including one-half of one warrant exercisable at C$1.15 for a two-year period.
The offering was completed by a syndicate of underwriters co-led by Canaccord Genuity Corp and Eight Capital, and includes Gravitas Securities Inc.
READ: Champignon Brands to raise $10 million for North American ketamine clinic expansion
The Vancouver-based company plans to open at least five new ketamine clinics in the US by the end of 2020.
Champignon recently revealed that it is in discussions with clinic operators in California, New York, Pennsylvania, Texas, Florida and Missouri.
Additional proceeds will be used for general working capital, according to a statement.
Champignon is developing rapid onset treatments capable of improving health outcomes, such as depression and post-traumatic stress disorder (PTSD), as well as substance and alcohol use disorders.
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