BetterLife Pharma Inc (CSE:BETR) announced an agreement to raise up C$2.6 million in a marketed public offering of its securities at a price of $0.40 per unit, with Research Capital Corporation acting as a sole agent and bookrunner.
The company said net proceeds from the offering will be used for working capital and general corporate purposes.
Each unit of the offering will be comprised of one company common share plus one common share purchase warrant, with each warrant entitling the holder to purchase one common share of the company at an exercise price of $0.50 up until May 28, 2024.
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BetterLife noted that it has granted to the agent an option to increase the size of the offering by up to an additional number of units totalling 15% of the total number of units to be issued under the offering at any time up to 30 days following the offering’s closing date.
The offering is expected to close on or about June 7, 2021 and is subject to the company receiving all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.
BetterLife, based in Vancouver, British Columbia, is a life sciences company engaged in the development of next-generation psychedelic products for the treatment of mental disorders.
Contact Sean at sean@proactiveinvestors.com