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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.