Mydecine Innovations Group Inc (OTC:MYCOF, NEO:MYCO) has announced the size of its previously announced overnight public offering, saying it will issue up to 3,478,260 units at $1.15 each for total gross proceeds of up to $4 million.
Each unit will consist of one company share and one share purchase warrant. Each unit warrant shall be exercisable to acquire one company share at $1.40 per share.
The offering will be conducted on a best efforts agency basis pursuant to the terms and conditions of an agency agreement to be entered into between the company, Stifel GMP, Roth Canada Inc and other members of the agency syndicate formed in connection with the offering.
There will also be an over-allotment option to sell up to a further 15% of units sold under the offer at the issue price
READ: Mydecine announces overnight marketed public offering of units
The company said it intends to use the net proceeds of the offering for working capital and general corporate purposes.
The offering is expected to close on or about May 25, subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval of the NEO Exchange.
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 the writer at giles@proactiveinvestors.com