Bright Minds Biosciences Announces Closing of Non-Brokered Private Placement
Summary
Each Warrant entitles the holder thereof to acquire one additional Share (a Warrant Share) at a price of $1.35 per Warrant Share until December 2, 2024.The Company intends to use the aggregate gross proceeds from the PFW Offering and the Unit Offering to complete the Phase 1 clinical trial for BMB-101 and a regulatory toxicology package and related activities for BMB-202.All securities issued in connection with the PFW Offering are subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.The Company is also pleased to announce that it has granted 300,000 options (the Options) to Mark Smith, the Companys Chief Medical Officer, to purchase 300,000 Shares pursuant to the Companys share option plan. Bright Minds drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin.This news release includes certain statements that may be deemed forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words expects, plans, anticipates, believes, intends, estimates, projects, potential and similar expressions, or that events or conditions will, would, may, could or should occur. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that managements beliefs, estimates or opinions, or other factors, should change.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.