Cybin Inc. Announces Public Offering For Up To $8.25M, Suspends Prior Purchase Deal

Psychedelics company Cybin Inc. CYBN announced an overnight marketed public offering of its units and confirmed its set pricing on an aggregate 24,264,706 Cybin units, at $0.34 each, for aggregate gross proceeds of $8,250,000.

Each unit will equate one common share and one common share purchase warrant, the latter being exercisable to acquire one of the former for $0.40 during 60 months.

Cantor Fitzgerald is acting as the sole book-running manager, and A.G.P./Alliance Global Partners as its lead manager.

The offering is expected to close on or about August 4, 2023, “or such other date as the Cantor Fitzgerald & Co. and the Company may agree.” Completion of the offering will be subject to market and other customary conditions, including approval of the Neo Exchange now operating as Cboe Canada.

The Company intends to use these net proceeds to progress CYB003 and CYB004’s clinical programs, plus for general corporate and working capital purposes.

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Units will be offered in all Canadian provinces except Quebec and in the U.S., pursuant to a prospectus supplement to Cybin’s short-form base shelf prospectus dated July 5, 2021. The supplement will be filed with the SEC as part of a registration statement on Form F-10. 

Suspension of Equity Facility Purchases

Cybin notified Lincoln Park Capital Fund (LPC) of its intention to suspend purchases under its May-dated purchase agreement effective immediately. 

The deal allowed Cybin to issue common shares for up to $30 million from treasury to LPC from time to time, at its discretion, for a period of up to 36 months. The company reportedly sold an equivalent of $465,273 under the agreement prior to the suspension of sales. 

While no further shares will be sold to LPC pursuant to the agreement’s supplement, Cybin intends to file, subject to regulatory approvals, a new supplement with respect to the purchase agreement, to be filed under a new base shelf prospectus.


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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