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.
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