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MYND Life Sciences Announces $3 Million Convertible Debenture Unit Offering

MYND Life Sciences Inc.(CNSX: MYND) (OTC: MYNDF), is pleased to announce that it has entered into a binding term sheet in respect of a non-brokered private placement offering (the “Offering“) of debenture units (the “Debenture Units“) with a strategic institutional investor. The principal sum of the Debentures Units to be issued is up to $3,000,000.

We are incredibly pleased to add a strategic institutional investor, who has been very active in deploying capital in novel psychedelic drug development companies, to participate in this round of financing, joining our broader investor base in advancing our novel drug discovery platform. This capital will enable the Company to accelerate the commercialization of its diagnostic biomarker division in addition to helping advance MYND’s various clinical trials which are expected to commence in Q4 of this year.

MYND Life Sciences CEO Dr. Lyle Oberg

Each Debenture Unit consists of (i) $1,000 principal amount of senior unsecured convertible debentures (the “Debentures“); and (ii) common share purchase warrants (the “Warrants“) exercisable for 1,000 common shares in the Company (“Shares“). The Debentures will mature on the date that is 24 months from the date of issuance (the “Maturity Date“) and shall bear interest at a rate of 5% per annum, payable on the Maturity Date. The principal sum of the Debentures, or any portion thereof, may be converted into Shares of the Company at a conversion price of $0.75 per Share (the “Conversion Price”). Each Warrant shall entitle the holder to acquire one additional common share (a “Warrant Share“) in the capital of the Company at a price of $1.00 per Warrant Share for a period of 24 months from the date of issuance. The Debentures will be issued at a discount equal to 10% of the aggregate principal amount of the Debentures.

The Company may force the conversion of all of the principal amount of the then outstanding Debentures at the Conversion Price prior to the Maturity Date, if the daily volume weighted average trading price (“VWAP“) of the Shares on the Canadian Securities Exchange (the “Exchange“) is greater than a 50% premium to the Conversion Price for any 15 trading days during any period of 30 consecutive trading days.

All Debentures and Warrants issued pursuant to the Offering, including any securities into which they may be converted or exercised, are subject to a statutory hold period of four months and one day from the date of issuance thereof. The Offering is subject to final acceptance by the Exchange. The Company will use the proceeds of the Offering to advance its novel drug discovery platform, commercialize its diagnostic business unit and for general working capital.

To view the original press release in its entirety click here

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