Numinus Wellness Inc. (CVE:NUMI) said it has closed a "bought deal" financing of 28,000,000 units of the company at a price of $1.25 each for total gross proceeds of $35 million.
It also noted that the underwriters to the offering, Eight Capital and Canaccord Genuity had exercised the over-allotment option in full to purchase an additional 4,200,000 units for additional gross proceeds of $5.25 million. Including the proceeds from the exercise of the over-allotment option, the total gross proceeds of the offering are $40.25 million with an aggregate of 32,200,000 units issued.
Each unit in the offering consists of one common share and one-half of one common share purchase warrant of the company. Each warrant is exercisable to acquire one common share of the company for a period of 24 months from the closing at an exercise price of $1.75 per warrant.
READ: Numinus Wellness plans expansion of psychedelics research laboratory
With the close of the offering, Numinus said it now has $65 million on hand and is well capitalized to act on revenue-generating growth initiatives including the Numinus Bioscience lab expansion, clinic acquisitions and purpose-built flagship facilities.
"I want to thank our investors for their overwhelming confidence in our vision of bringing forward safe and evidence-based approaches to mental health challenges, including through the delivery of psychedelic-assisted psychotherapies," said Payton Nyquvest, chair, president and CEO of Numinus in a statement
"Millions of people struggle with depression, anxiety, trauma, pain and substance use, and are seeking novel approaches that are intended to cure rather than manage symptoms. Our financing puts us in a strong position to drive much-needed innovation in mental healthcare and provides the necessary resources to create new ways to support healing and wellness," he added.
The offering's net proceeds are expected to be used to acquire and build local community clinics and flagship facilities offering a wide variety of amenities including psychotherapy, health and wellness services and, when regulated, psychedelic-assisted psychotherapy. The remaining net proceeds will be used for general working capital purposes.
While building this footprint, the company anticipates partnering with leading academic, corporate and non-profit groups on clinical and compassionate access trials; continuing to innovate in psychedelic-assisted psychotherapy training, protocols and policies; developing its intellectual property; and investing in research, sales and marketing at the Numinus Biosciences lab.
The lab, located in British Columbia, Canada, recently received new amendments under Canada's Controlled Drugs and Substances Act that enhance the company's ability to lead psychedelics research and support the global psychedelics sector.
Numinus Wellness is a mental health and wellness company creating an ecosystem of solutions centred around safe, evidence-based, accessible psychedelic-assisted psychotherapy to help people heal and be well.
- Numinus Health is dedicated to delivering innovative treatments to address physical, mental, and emotional health, through clinics and virtual services.
- Numinus R&D is conducting implementation science and leveraging partnerships to beta-test and refine optimal models of psychedelic-assisted psychotherapy delivery, setting the stage for approved routine use in mental health and wellness care.
- Numinus Bioscience is focused on developing testing methods and effective formulas for the evolving psychedelics space. Health Canada licences, scientific expertise, and new technologies facilitate ongoing innovation, and high-throughput contract services generate established revenue.
Contact the author at jon.hopkins@proactiveinvestors.com