Mind Medicine To Raise Further $19.5 Million In Bought Deal
Mind Medicine (NEO: MMED) this morning announced that it is conducting yet another round of financing, after having raised $92.1 million just two months ago. The latest round of financing will take the form of a bought deal, lead by Canaccord Genuity, with funds largely said to come from one large institutional investor.
The financing will see Mind Medicine sell a total of 6.0 million units of the company at a price of $3.25 each, for gross proceeds of $19.5 million. Each unit is to contain one subordinate voting share and one half of a subordinate voting share warrant. Each warrant is valid for a period of three years from the date of issuance, and contains an exercise price of $4.40 per share.
Warrants issued under the offering are also subject to an acceleration clause, whereby the company can force the early expiry of the warrants in the event that the firms equity trades above $6.90 for a period of five consecutive trading days on a volume weighted basis.
The offering is currently slated to close March 9, 2021.
Proceeds from the financing will be used for the firms experiential LSD program, its LSD microdosing program, and Project Albert, the firms mental health tech platform, and general working capital purposes.
Mind Medicine last traded at $3.64 on the Neo Exchange.
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.
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.
