Mind Medicine To Conduct $25.0 Million Bought Deal Financing

Mind Medicine (CEO: MMED) announced that it will be conducting a bought deal financing this morning, to the tune of $25.0 million. The financing is being lead by Canaccord Genuity, with funds from the financing to be used for a number of clinical development initiatives that the company has planned for the near term.

$25.0 million in gross proceeds is expected to be raised via the sale of 23,810,000 units of the company at $1.05 per unit. Each unit is to consist of one subordinate voting share as well as one half warrant. Each warrant contains an exercise price of $1.40 per share, and is valid for three years from the date of issuance.

An over-allotment option also exists for the financing, which if fully exercised would result in additional gross proceeds of $3.75 million, bringing the total financing to $28.75 million. The over-allotment option is valid for a period of thirty days following the close of the transaction.

The proceeds from the financing are to be used for a number of clinical developments and initiatives, including:

  • Development of 18-MC
  • LSD microdosing
  • LSD experiential therapy for anxiety
  • MindMed Discover R&D
  • A training program at NYU Langone Health
  • A collaboration with University Hospital Basel Liechti Lab

Naturally, any remaining funds will be utilized for general working capital.

The financing is expected to close by October 30, 2020.

Mind Medicine last traded at $1.24 on the NEO.


Information for this briefing was found via Sedar and MindMed. 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.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

MindMed Declares Q2 2021 Financials: US$193.9 Million Total Assets, US$35.6 Million Net Loss

Mind Medicine Inc. (NEO: MMED), more commonly known as MindMed, announced Thursday night its interim...

Friday, August 13, 2021, 09:08:00 AM

Activist Investor Calls For MindMed CEO’s Termination Due To Alleged Fraudulent Acts

FCM MM Holdings, one of Mind Medicine’s (NEO: MMED) shareholders with a 6.1% stake, has...

Thursday, November 3, 2022, 03:10:00 PM

Mind Medicine Sees Final Co-Founder Leave The Company

Mind Medicine (NEO: MMED) appears to now be fully under new management. On Friday evening,...

Sunday, January 9, 2022, 03:07:00 PM

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

Mind Medicine: Canaccord Genuity Initiates Coverage With C$1.75 Price Target

Yesterday, Canaccord initiated coverage on Mind Medicine (NEO: MMED) with a Speculative Buy rating and...

Wednesday, September 16, 2020, 04:15:00 PM