(TheNewswire)
PROVIDES UPDATE ON MINDBIOSPINOUT
Vancouver, British Columbia – TheNewswire - February 16, 2023 – Blackhawk Growth Corp. (CSE:BLR);(Frankfurt:0JJ) (the “ Company ” or “ Blackhawk ”) is pleased to report that Australia hasmedically legalized psychedelics in a change to the scheduling of thesubstances effective 1 July 2023.
The changes mean that psilocybin and MDMA have been down-scheduledsuch that psychiatrists with ethics approval will be able toprescribe the medicines through the Authorised Prescriber Scheme.
The move will provide access to patients suffering from depression andPTSD where previous treatments have been ineffective. The changeswill also open the doors for expansion of much needed clinical trialsusing psychedelics in Australia.
“Australia’s decision to medically legalize psychedelicsrepresents an exciting new development for MindBio to take advantageof” said Frederick Pels CEO of Blackhawk. “More favorableregulations for advancing clinical trials, commercializing novelmedicines and treating patients in Australia”.
The Company is also pleased to report that its wholly-ownedsubsidiary, 1286409 B.C. Ltd. (to be renamed MindBio TherapeuticsCorp.) (“ SpinCo ”) hassubmitted an application to have its common shares listed on theCanadian Securities Exchange (“ CSE ”). As previously announced in the Company’s pressrelease on January 3, 2023, Blackhawk intends to complete a spin-outtransaction (“ Spin-Out ”)pursuant to a statutory plan of arrangement whereby SpinCo will becomean independent company focused on the psychedelics and mental healthtechnologies business. Upon completion of the Spin-Out, two of theCompany’s wholly owned subsidiaries, MindBio Therapeutics Pty Ltd.(“ MindBio ”) and DigitalMind Technology Pty Ltd (“ Digital ”) will become wholly-owned subsidiaries of SpinCo.
Listing of the common shares of SpinCo on the CSE is subject to SpinCoreceiving conditional approval from the CSE and fulfilling all of theCSE’s listing requirements. The Company is currently workingthrough that process with the CSE and will update the market in duecourse.
The Company also announces that Bill DeJong has resigned from theboard of directors of the Company. The Board of Directors would liketo thank Mr. DeJong for his valuable contributions and wishes himevery success in his future endeavors.
About MindBio and DigitalMind:
Mindbio is a wholly-owned subsidiaryof Blackhawk. MindBio is a mental health company creating novel andemerging treatments for mental health conditions. MindBio hasdeveloped a multi-disciplinary platform for developing treatments andis involved in psychedelic medicine development, is in the completionstages of Phase 1 clinical trials microdosing psychedelic medicines in80 patients, has two Phase 2 clinical trials in development and isalso developing wearable devices to collect biometric data in mentalhealth patients taking psychedelic medicines. MindBio invests inresearch that forms the basis for developing novel and clinicallyproven treatments for debilitating health conditions such asdepression, anxiety, PTSD and chronic pain. Digitalmind is a mental health technology company thatis creating digital interventions to prevent poor mental healthoutcomes in cancer patients.
About Blackhawk Growth:
Blackhawk is an investment holdingcompany looking to create substantial value for its shareholdersthrough the acquisition and development of high growth companies. Ithas focused its investments in the health, cannabis and cannabidiolindustries in both Canada and the United States. Its portfolio ofcompanies includes Sac Pharma, LeichtMind Clinics, Noble Hemp, SpacedFood, Stable Foods, MindBio and Digital Mind Technology.
For further information, please contact:
Frederick Pels, Chief ExecutiveOfficer
(403)-991-7737
Cautionary Note ConcerningForward-Looking Statements:
The press release contains "forward-looking statements"within the meaning of applicable securities laws. Forward-lookingstatements can be identified by words such as: "anticipate,""intend," "plan," "budget,""believe," "project," "estimate,""expect," "scheduled," "forecast,""strategy," "future," "likely,""may," "to be," "could,""would," "should," "will" and similarreferences to future periods or the negative or comparableterminology, as well as terms usually used in the future andconditional. Examples of forward-looking statements in this newsrelease include: (i) the intended completion of the statutory plan ofarrangement; (ii) SpinCo satisfying all the requirements of the CSE;(iii) SpinCo obtaining listing approval from the CSE; and (iii) therenaming of 1286409 B.C. Ltd. to, “MindBio Therapeutics Corp.”.These forward-looking statements are based on assumptions as of thedate they are provided. However, there can be no assurance that suchassumptions will reflect the actual outcome of such items or factors.
Additionally, there are known and unknown risk factors that couldcause the Company's actual results and financial conditions to differmaterially from those indicated in the forward-looking statements.Therefore, you should not rely on any of these forward-lookingstatements. Important risk factors that could cause actual results andfinancial conditions to differ materially from those indicated in theforward-looking statements, include among others: general economic,market and business conditions in Canada and Australia; marketvolatility; unforeseen delays in timelines for any of the transactionsor events described in this press release, including the Spin-Out andthe listing of common shares of SpinCo on the CSE; the risk ofregulatory changes that may impact the business of the Company orSpinCo; failure of management of the Company or SpinCo to executetheir respective business strategies; and the inability to receive allthe necessary approvals to complete the statutory plan of arrangementand the listing of common shares of SpinCo. All forward-lookinginformation is qualified in its entirety by this cautionary statement.
The Companydisclaims any obligation to revise or update any such forward-lookingstatement or to publicly announce the result of any revisions to anyof the forward-looking information contained herein to reflect futureresults, events or developments, except as required by law.
Neither theCanadian Securities Exchange nor its Regulation Service Provider (asthat term is defined in the policies of the Canadian SecuritiesExchange) accepts responsibility for the adequacy or accuracy of thisrelease.
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