Bright Minds Biosciences Announces Closing of $25.9 Million Unit Offering
Summary
If the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the "CSE") is greater than $13.25 per Common Share for any 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants to a date that is at least 30 trading days following the date of the Company issuing a press release disclosing such acceleration.The net proceeds of the Offering will be used by the Company for research and development activities, as well as working capital and general corporate purposes.In connection with the Offering, the Underwriters were paid fees for their services in the amount of $916,317.13 plus expenses and received compensation warrants entitling them to purchase an aggregate of 132,666 Common Shares at a price of $7.57 per Common Share for a period of thirty-six months following closing. Bright Minds has a portfolio of next generation serotonin agonists designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. Bright Minds drugs extenuate the 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 contains "forward-looking information" which may include, but is not limited to, statements with respect to expectations about the intended use of the net proceeds of the Offering. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. The Company undertakes no obligation to update forward-looking statements if circumstances, managements estimates or opinions should change, except as required by securities legislation.