Mind Cure Announces $10.0 Million Bought Deal Financing

Mind Cure Health (CSE: MCUR) this afternoon revealed that it is conducting a bought deal financing. The company is looking to raise gross proceeds of $10.0 million under the financing, with units being sold at $0.60 per each. The financing is being lead by Canaccord Genuity Corp.

Under the terms of the financing, each unit is to consist of one common share and one half warrant. Each warrant is valid for a period of five years from the date of issuance, with an exercise price of $0.80 per share.

An acceleration clause is also present on the warrant, enabling the company to accelerate the expiry of the warrant if the stock trades above $1.50 for a period of ten days on a volume weight basis. The company will also look to list the warrants on the CSE upon closing of the transaction.

An over-allotment option has also been granted to underwriters, valid for a period of 30 days following the close of the financing.

Net proceeds from the financing are to be used for product research, develop, and expansions, to further the firms tech platform including further development of the iSTRYM platform, marketing, and for working capital and general corporate purposes.

Mind Cure Health last traded at $0.75 on the CSE.

FULL DISCLOSURE: Mind Cure Health is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Mind Cure Health on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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