Cybin Raises $45 Million That Includes List of US Blue Chip Biotech Funds

Cybin Corp. a company based on psychedelics, life sciences, and mental health well-being has announced a major deal of CAD $45 million by closing a private placement offering of 60,000,000 Subscription Receipts at CAD $0.75 per subscription.

This is a vital agreement in the psychedelics space as it’s one of the biggest psychedelics deals in the industry recently. Some big players that played a key role in this deal were Stifel GMP and Eight Capital, acting as co-lead agents on behalf of a syndicate of agents including Canaccord Genuity Corp., Haywood Securities Inc., and Echelon Wealth Partners Inc.

What was the offer all about?

The Offering came following a three-way amalgamation with Cybin, Clarmin Explorations Inc., and a wholly-owned subsidiary of Clarmin- all pursuant to the Ontario Business Corporations Act. Cybin and Clarmin plan to delist the common shares in the capital of Clarmin from the TSX Venture Exchange and apply to the NEO Exchange for the listing of the common shares in the capital of the Resulting Issuer upon the completion of the Transaction.

Once the Release Conditions are satisfied, each Subscription Receipt is to convert into one common share in the capital of Cybin. Each Cybin Share will be exchanged for one common share in the capital of the Resulting Issuer at the effective time of the Transaction. In any event that the Release Conditions are not met by February 16, 2021, the aggregate issue price will be returned to the receipt holders and each subscription receipt will therefore be canceled. 

Cybin also announced that “in exchange for certain advisory services provided by the Agents to the Company, the Agents also received an advisory fee of CAD $591,299.91 and 16,000 warrants on the same terms as the Broker Warrants. The Company has agreed to pay an additional cash fee of CAD $1,180,000 and 2,590,000 warrants on the same terms as the Broker Warrants to certain finders and other advisors of the Company.”

“The strong interest we received from distinguished healthcare investors enabled us to exceed our original capital-raising goals. We appreciate the support of investors who share our vision and commitment to developing alternative therapies. “The potential of psychedelic therapies to treat mental illness and addiction disorders has never been more significant. With this investment, we will continue to advance our robust pipeline of psychedelic-based products through clinical development,” said Doug Drysdale, Cybin’s Chief Executive Officer.

Related: Cybin Corp.: Looking to Bring Mushrooms to the Mainstream


In accordance with an executed agreement between The Dales Report and Cybin, The Dales Report is engaged with the aforementioned on a 6-month contract for $7,500 per month, with the purpose of publicly disseminating information pertaining to Cybin via The Dales Report’s media assets, encompassing its website, diverse social media platforms, and YouTube channel. Compensation for The Dales Report services involves the receipt of a predefined monetary consideration, which may, on certain occasions, encompass ordinary shares in instances where monetary compensation was not obtained. In such instances where share compensation was received, The Dales Report hereby asserts the right to engage in the acquisition or disposition of such shares subsequent to the conclusion of the aforementioned contractual period, in compliance with provincial, state, and federal securities regulations. Please refer to the “Disclosures” section below, which is to be interpreted in conjunction with this disclaimer.

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