Mind Medicine Announces $10.0 Million Bought Deal At Large Discount To Share Price

Mind Medicine (NEO: MMED) this morning announced a bought deal financing with Eight Capital as sole bookrunner. The financing, for a total figure of $10.0 million, will be used to fund MindMed’s ongoing collaboration with that of University Hospital Basel’s Liechti Laboratory as well as for general corporate purposes.

The financing is being conducted at a price per unit of $0.53 which includes one subordinate voting share and one half warrant to purchase a subordinate voting share at a price of $0.79 for a period of 24 months following closing. The price is the offering is at a significant 13.1% discount to yesterdays closing price of $0.61 per share, and is nearly half the firms 52 week high of $0.99 set back in early March.

The bought deal, which has an over allotment option of 15%, can be expanded up to $11.5 million. The financing is expected to close on or before May 22, 2020.

Mind Medicine last traded at $0.61 on the Neo.


Information for this briefing was found via Sedar and Mind Medicine 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.

One Response

Video Articles

200 Grams of Gold And 21% Copper — That’s Not Normal | Matt Wilson – Sterling Metals

Silver at $100? This Time It Might Stay There. | David Morgan

Critical Minerals Are Rerating! | John Passalacqua – First Phosphate

Recommended

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Military Seizes Power in Madagascar After President Flees

Related News

Mind Medicine: Canaccord Maintains Ratings Following Financial Results

On Friday, November 13th, Mind Medicine (NEO: MMED) reported their third quarter 2020 financial results....

Tuesday, November 17, 2020, 10:17:00 AM

MindMed Activist Investor Moves To Take Control Of Board

MindMed (NASDAQ: MNMD) has seen its activist investor file a preliminary proxy statement for its...

Friday, April 21, 2023, 09:41:30 AM

MindMed Launches Clinical Trial Focused On Combining LSD With MDMA

Mind Medicine (NEO: MMED) has begun the first clinical trials focused on combining MDMA and...

Wednesday, January 20, 2021, 08:09:53 AM

Canaccord Reiterates $1.75 Price Target For Mind Medicine Following Roadshow Event

This morning, Canaccord released a flash update for Mind Medicine (NEO: MMED) with highlights from...

Monday, September 28, 2020, 11:02:24 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