MYCOF - Mydecine Innovations Group Files Prospectus Supplement Announces Closing Under Share Subscription Agreements | Benzinga
VANCOUVER, British Columbia, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Mydecine Innovations Group Inc. ("Mydecine" or the "Company") (CSE:MYCO) (AQSE:MYIG) (OTC:MYCOF) (FSE:0NFA) a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, is pleased to announce that, in connection with: (i) its previously announced Common Share Subscription Agreement (the "Opensky Subscription Agreement") with OpenSky Opportunities Fund Ltd. ("Opensky") dated 10 March 2023; and (ii) a Common Share Subscription Agreement dated 25 October 2023 (the "Standalone Subscription Agreement", and collectively with the Opensky Subscription Agreement, the "Subscription Agreements") between the Company and an arms-length investor (the "Standalone Investor" and collectively with Opensky, the "Investors"), the Company has filed a shelf prospectus supplement (the "Prospectus Supplement") to the Company's Final Short Form Base Shelf Prospectus for the province of Québec and Amended and Restated Final Short Form Base Shelf Prospectus for each of the provinces of Canada, dated 28 January 2022 (together, the "Shelf Prospectus").
The Prospectus Supplement provides, among other things, that the Company is qualifying the distribution of up to 7,360,000 common shares (each a "Share") in the capital of the Company to the Investors under the Subscription Agreements at a price of $0.15 per Share for aggregate gross proceeds of up to $1,104,000.
The Company also announces today the closing of Share issuances under the Subscription Agreements (the "Offerings"). The Offerings resulted in the issuance of 7,360,000 Shares at a price of $0.15 per Share for aggregate gross proceeds of $1,104,000. The distribution of such Shares is qualified by the Prospectus Supplement. The Company will use the proceeds of the Offering as described in the Prospectus Supplement.
An application will be made to the Aquis Stock Exchange ("Aquis") for the 7,360,000 new Shares to be admitted to trading. Admission is expected to take place, and dealings on Aquis in the Shares are expected to commence, at 08:00 on or around 3 November 2023.
Following Admission, the Company will have 52,567,458 Ordinary Shares in issue. Since the Company currently holds no shares in treasury, the total number of voting rights in the Company will therefore be 52,567,458. These figures may therefore be used by Shareholders as the denominator for the ...