MMEDF - MindMed launches C$19.5M capital raise via private placement

Mind Medicine (MindMed) (MMEDF) entered into an agreement with Canaccord Genuity post which the underwriter agreed to purchase for resale, on a bought deal private placement basis, 6M units at C$3.25/unit for gross proceeds of C$19.5M.It is expected that the offering will be sold to one large institutional investor.Each Unit shall consist of one subordinate voting share and one-half of one Subordinate Voting Share purchase warrant; each warrant shall be exercisable to acquire one Subordinate Voting Share at C$4.40/Subordinate Voting Share for 3 years from the closing date.Net proceeds will be used for further investment in Project Lucy (experiential LSD), the Microdose LSD Program and Project Albert, which is now integrating MindMed's most recent technology acquisition HealthMode and general corporate purposes.Offer closing expected on or about Mar.9.SA Contributor Andreas Repeta assigns a neutral rating on the stock stating it as a great potential but questionable business model.

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MindMed launches C$19.5M capital raise via private placement