Mydecine Brands announces C$2M private placement led by Canaccord Genuity

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May 22, 2020

Mydecine Brands (OTCPK:NLBIF +4.3%) to sell ~6.7M units at C$0.30 per unit, via private placement for gross proceeds of up to C$2M

Each unit consists of one common share of the Company and one half of one common share purchase warrant exercisable at C$0.50/share

The Company intends to use the net proceeds to further its psychedelic medicine research programs in Canada, for investment in its recently acquired Colorado and Oregon-based mushroom and fungi lab facilities, and for general working capital purposes.

The lead agent has been granted an option to for the sale of up to an additional 1.3M units for additional gross proceeds to the Company of up to C$0.4M

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