Mind Cure Doubles Bought Deal Financing To $20 Million

Strong demand continues within the psychedelics space, with Mind Cure Health (CSE: MCUR) announcing earlier today that it has doubled the size of its bought deal financing that was announced yesterday. Originally pegged at $10.0 million, the financing has now increased to $20.0 million on the back of strong demand.

Under the terms of the amended financing, the company will now look to issue a total of 33.3 million units of the company at a price of $0.60 per unit. Each unit contains one common share and one common share purchase warrant. Each warrant contains an exercise price of $0.80, and is valid for a period of five years upon closing.

Warrants under the offering are also subject to an acceleration clause should the equity trade above $1.50 on a volume weight basis for a period of ten days. An over-allotment option has also been granted in connection with the offering, which if exercised in full would bring the financing to $23.0 million.

Proceeds from the financing are to be used for product research, develop and expansion, as well as to build out the firms iSTRYM platform. Funds are also to be used for the customary working capital and general corporate purposes.

Mind Cure Health last traded at $0.69 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.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

Mind Cure Health Receives Ethics Approval For Psychedelic Integration Protocol Study

Mind Cure Health (CSE: MCUR) has seen its integration protocol research study receive unconditional ethics...

Tuesday, March 9, 2021, 08:43:32 AM

Mind Cure Health Announces $3.0 Million Financing

Mind Cure Health (CSE: MCUR) this morning announced that it is conducting a non-brokered private...

Friday, November 13, 2020, 08:28:28 AM

Mind Cure Sees Warrants Approved For Trading

Mind Cure Health (CSE: MCUR) is looking to provide a boost to its liquidity for...

Thursday, February 11, 2021, 09:32:23 AM

Mind Cure Announces Launch Of iSTRYM, A Mental Wellness Digital Therapeutics Tool

Mind Cure Health (CSE: MCUR) has launched a digital therapeutic tool which has been designed...

Wednesday, January 6, 2021, 07:26:11 AM

Psychedelics & The Need For Digital Therapeutic Solutions In Treating Mental Health

In terms of investment dollar inflows, one of the largest focuses of 2020 has arguably...

Sunday, November 1, 2020, 09:00:00 AM