Mydecine Innovations Group Inc (OTC:MYCOF, NEO:MYCO) said it has closed its previously announced 'best efforts' overnight marketed offering of units for aggregate gross proceeds of $2,814,199.50.
Under the offering, through a syndicate of agents led by Stifel Nicolaus Canada Inc and Roth Canada Inc, the company issued 2,447,130 units at a price per unit of $1.15.
Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable to acquire one common share of the company at an exercise price of $1.40 per warrant until May 27, 2027.
The company said the net proceeds of the offering will be used to support its clinical trials and partnerships, as well as for working capital and general corporate purposes.
READ: Mydecine Innovations Group set to raise up to $4M in previously announced overnight public offering
In consideration for their services, the company paid to the agents a cash commission equal to 7.0% of the aggregate gross proceeds of the offering (other than from president's list subscribers) and issued to them 49,560 compensation warrants. Each compensation warrant may be exercised to acquire one common share at an exercise price of $1.15 each until May 27, 2027.
Separately, the company paid an advisory fee in the form of 121,739 common share purchase warrants. The advisory warrants have the same terms as the compensation warrants.
The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.
Mydecine Innovations is a biotechnology company developing innovative first and second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure.
The company was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Its global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders.
The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential.
By collaborating with some of the world's foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options.
Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.
Contact the author at jon.hopkins@proactiveinvestors.com