Cybin Inc (NEO: CYBN) has upsized its previously announced $20.0 million bought deal financing. The financing, following strong investor demand, has now been upsized to $30.0 million.
The financing, led by Canaccord Genuity, will see the sale of 13.3 million units of the company at a price of $2.25 per unit. Each unit contains one common share and one half of a common share purchase warrant. Each whole warrant is valid for a period of three years from the date of issuance, with an exercise price of $3.25 per share.
Warrants issued under the offering are also subject to an acceleration clause, whereby the company can force the acceleration of the expiry date upon the equity trading above $5.00 per share on a volume weighted basis for a period of ten consecutive trading days. A 15% over-allotment option has also been granted by the underwriters.
Net proceeds from the financing are to be used for clinical trials, novel molecule programs and tech focused on the patient experience, as well as working capital and general corporate purposes.
Cybin Inc last traded at $2.28 on the Neo.
Information for this briefing was found via Sedar and Cybin Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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