Mr. Evan Levine reports
PSYBIO ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT
Psybio Therapeutics Corp. has completed the second tranche of its previously announced non-brokered private placement offering of units of the company consisting of 5,533,785 units at a price of five cents per unit for aggregate gross proceeds of $276,689. Together with the first tranche of the offering closed on Jan. 5, 2023, the company has raised gross proceeds of $909,970. The company will use the net the proceeds of the offering for current good manufacturing practices regulations to scale its biosynthetic drug candidates in its own facility, clinical trial preparation, and general corporate and working capital purposes.
Each unit comprises one subordinate voting share in the capital of the company and one common share purchase warrant, exercisable at 10 cents per share for a period of 24 months following the closing date of the offering. The expiry date of the warrants may be accelerated by the company at any time and upon 30 days of notice, if the closing price of the shares on the TSX Venture Exchange is greater than 20 cents for any 10 non-consecutive trading days following the date that is four months and one day after the date of issuance and prior to the expiry date of the warrants. No fees were paid in connecting with the closing of this tranche of the offering. All of the securities issuable in connection with the offering are subject to a hold period expiring four months and one day after the date of issuance in accordance with Canadian securities laws. The offering is subject to the final approval of the TSX Venture Exchange and to all regulatory approvals.
About Psybio Therapeutics Corp.
Psybio Therapeutics is an intellectual-property-driven biotechnology company developing novel psycho-targeted therapeutics to being designed to improve mental health and neurological conditions. The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering, as well as clinical and regulatory expertise progressing drugs through human studies and regulatory protocols. Research and development are currently continuing for naturally occurring psychoactive tryptamines originally discovered in different varieties of hallucinogenic mushrooms, other tryptamines and phenethylamines, and combinations thereof. The company utilizes a biomedicinal chemistry approach to therapeutic development, in which psychoactive compounds can be utilized as a template upon which to develop precursors and analogs, both naturally and non-naturally occurring.
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