Mydecine Innovations Group Inc (OTC:MYCOF, NEO:MYCO) has announced that it has commenced an overnight marketed public offering of units at the company at a price of $1.15 per unit.
In a statement, the company said the size of the offering would be determined in the context of the market.
Under the terms of the offering, each unit will be comprised of one share of the company and one share purchase warrant.
READ: Mydecine reports productive first quarter as it cut expenses and increased efficiencies
Each unit warrant shall be exercisable to acquire one share of the company at a price of $1.40 per share and the warrants would expire sixty months from the date of issuance.
The company said the offering would be conducted pursuant to its Canadian amended and restated base shelf prospectus dated January 28, 2022, and a prospectus supplement related to the offering would be filed in each Canadian province, except the province of Quebec.
Copies of the prospectus supplement and accompanying base shelf prospectus will be available under Mydecine’s profile on SEDAR.
The offering is expected to close on or about May 25, 2022.
The company said the proceeds would be used as working capital and for general corporate purposes.
Mydecine is a biotechnology company developing innovative first- and second-generation novel compounds for the treatment of mental health and addiction through world-class technology and drug development infrastructure.
Contact Emily at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie