DENVER, September 23, 2022 /CNW/ – Mydecine Innovations Group Inc. (“Mydecine” or the “Company”) (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA), a biotechnology company designing the next wave of innovative drugs and treatment protocols to directly address mental health with a particular focus on addiction and PTSD, is pleased to announce that, in connection with its previously announced common stock subscription agreement (the “Subscription contract“) with a third-party investor dated August 26, 2022 and subsequent filing of a shelf prospectus supplement (the “Prospectus Supplement“) in this regard on September 7, 2022the Company has closed the second tranche of the first issue under the Subscription Agreement (the “Offer“). The Company is also pleased to announce the appointment of John Ross as Chief Financial Officer (CFO).
The Offer gave rise to the issue of 877,193 ordinary shares in the capital of the Company (“Shares“) at the price of $0.57 per share for total gross proceeds of $500,000. The distribution of Shares is qualified by the Prospectus Supplement.
The Company will use the proceeds of the Offering as described in the Prospectus Supplement. The Prospectus Supplement and the Base Shelf Prospectus are available on the company’s profile on the System for Electronic Document Retrieval and Analysis (SEDAR) at www.sedar.com.
Mydecine’s Board of Directors and Management Team are pleased to welcome John Ross, a senior financial management professional with over 30 years of experience in private and public companies. He is currently interim CEO (since May 2019) and Chief Financial Officer (since February 2017) of Hempco Food and Fiber Inc. (TSXV), part-time CFO of U3O8 Corp. (TSX) since June 2010and part-time chief financial officer of Buccaneer Gold Corp. (from September 2016).
“In the field of biotechnology, the ability to access capital in all its forms is very important. One promising avenue right now is that of partnerships,” said the CEO. Josh Bartch. “We want both parties to realize the ultimate value of the partnership and the products being developed.”
Mr. Ross holds a Masters of Business Administration from the University of Western Ontario which he received in 1984, and he obtained his Chartered Accountant designation in 1987.
About Mydecine Innovations Group Inc.
Mydecine Innovations Group™ (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is a biotechnology company developing the next generation of innovative drugs and therapies to treat mental health disorders such as nicotine addiction and post-traumatic stress disorder (PTSD). The core strategy combines state-of-the-art technology with an elaborate infrastructure for drug discovery and development. Mydecine’s dedicated multinational team is constantly developing new avenues for breakthrough treatment solutions in areas where there is considerable unmet need. By collaborating with some of the world’s leading specialists, the Company aspires to responsibly accelerate the development of breakthrough medicines to provide patients with safer and more effective treatment solutions. At the same time, Mydecine’s approach focuses on the next generation of psychedelic medicine by creating innovative compounds with unparalleled therapeutic potential through its clinical trial efforts with world-class scientific and regulatory expertise. Founded in 2020, Mydecine is based on Colorado, United Stateswith offices extended to Alberta, Canadaand Leiden, Netherlands.
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Forward-looking statements
Certain statements contained in this press release constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements and information are provided for the purpose of providing information about management’s expectations and plans regarding the future. All forward-looking information contained in this press release is qualified by the cautionary statements below and those contained in our other filings with the securities regulatory authorities in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “is expected”, “is planned”, “is targeted”, “approximately”, “plans”, “anticipates”, “projects”, ” “plans”, “continues”, “estimates”, “believes” or variations of these words and phrases or statements that certain actions, events or results “may”, “might”, “would”, “might” or “will taken, will occur or will be made.All statements, other than statements of historical fact, may be deemed to be or include forward-looking information.This press release contains forward-looking information regarding, among other things, the closing of the Offer. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or planned. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
The forward-looking information set forth herein reflects the Company’s reasonable expectations as of the date of this press release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in United States lack of registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
SOURCEMedicine Innovations Group Inc.
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