FSD Pharma Inc. Announces Closing of Private Placement
Summary
TORONTO, ON / ACCESSWIRE / December 5, 2023 / FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A) (the "Company" or "FSD"), is pleased to announce that, further to its news release on November 27, 2023, it has closed a non-brokered private placement and issued 24 class A multiple voting shares ("Class A Shares") of the Company at a price of $1.90 per Class A Share for gross proceeds of $45.60 (the "Offering").All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws of Canada. Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. FSD has also licensed UNBUZZD, a proprietary formulation of natural ingredients, vitamins, and minerals to help with liver and brain function for the purposes of quickly relieving individuals from the effects of alcohol consumption for use in the consumer recreational sector, to Celly Nu and is entitled to a royalty on the revenue generated by Celly Nu from sales of products created using the technology rights granted under the licensing agreement. These include: changes in general economic, business and political conditions, including changes in the financial markets; consents or authorizations required; changes in laws, regulations and policies affecting the Companys operations; currency fluctuations; environmental issues and liabilities; the potential impact of the announcement or consummation of the Offering on relationship, including with regulatory bodies, employees, suppliers, customers and competitors; the inability of the Company to obtain additional financing for continued operations on terms acceptable to the Company; the lack of control over the Companys investees; risks relating to investing in the Class A Shares and Class B Shares; risks relating to the use of proceeds from the Offering; volatility in the market price of the Class A Shares and Class B Shares; dilution of shareholders holdings; negative operating cash flow; the negative effects of interest rate and exchange rate changes; the potential impact of health crises and market instability due to the COVID-19 pandemic; risks relating to the Company s reliance on key employees; limitations in the liquidity of the Class A Shares; litigation risks; the Companys inability to expand into new business areas and geographic markets; management of growth; and the Companys inability to continue as a going concern.Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board, FSD Pharma Inc. Email: Zsaeed@fsdpharma.com Telephone: (416) 854-8884