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PsyBio Therapeutics Corp. Completes First Tranche of Private Placement Offering

Strategic Insights

— 1 min read

PsyBio Therapeutics Corp., an intellectual property driven biotechnology company, has completed the first tranche of its non-brokered private placement offering, raising C$633,281 in gross proceeds. The Offering consisted of 12,665,612 units at a price of C$0.05 per unit, with each unit comprising one subordinate voting share and one subordinate voting share purchase warrant exercisable at C$0.10 per share for 24 months. The Company plans to use the net proceeds for current Good Manufacturing Practices (cGMP) regulations to scale its biosynthetic drug candidates in its own facility, clinical trial preparation, and general corporate and working capital purposes.

Key Takeaways:

  • The first tranche of the private placement offering raised C$633,281 in gross proceeds.
  • The Offering consisted of 12,665,612 units at a price of C$0.05 per unit.
  • Each unit comprised one subordinate voting share and one subordinate voting share purchase warrant exercisable at C$0.10 per share for 24 months.
  • The Company plans to use the net proceeds for cGMP regulations to scale its biosynthetic drug candidates in its own facility.
  • The Offering is subject to the final approval of the TSXV and to all regulatory approvals.
  • 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 Company also announces its intention to increase the size of the Offering by up to an additional C$1,000,000.
  • The Additional Offering is subject to approval by the TSXV and is expected to be completed on or before February 3, 2023.

Statistics:

  • 12,665,612 units were sold at an average price of C$0.05 per unit.
  • The offering raised C$633,281 in gross proceeds.
  • The warrants exercisable at C$0.10 per share have a 24-month term.
  • The Company plans to use C$500,000 of the net proceeds for cGMP regulations.
  • The Offering is subject to a hold period expiring four months and one day after the date of issuance.

Sources:

  • PsyBio Therapeutics Corp., Newsfile Corp. January 5, 2023
  • OTCQB: PSYBF
  • TSXV: PSYB

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