Mind Cure Health (CSE: MCUR) reported midday today that it has closed its non-brokered private placement on an oversubscribed basis. The company managed to raise $3.6 million via the sale of 8.0 million units of the company.
The financing conducted, which was to originally be for $3.0 million, saw units sold at a price of $0.45 each. Each unit contained one common share and one common share purchase warrant, with warrants exerciseable at a price of $0.60 per share for a period of two years after the date of issue.
Commenting on the financing, CEO and Chairman Philip Tapley stated, “The world-class team we are assembling here at Mind Cure is already hard at work, and this financing enables us to accelerate our operations. We firmly believe that investment and innovation can work hand in hand, and we look forward to delivering value to our shareholders as we establish ourselves as a leader in the mental health revolution.”
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Following the close of the financing, the company indicated that it now has cash on hand in excess of $5.0 million, enabling Mind Cure to “focus on rapid tactical execution” of its strategic plan. Proceeds from the financing will be used for the evaluation of new product candidates, psychedelic product research, and supporting the existing product line among other uses.
Mind Cure Health last traded at $0.50 on the CSE.
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