FILAMENT HEALTH ANNOUNCES CLOSING OF WARRANT EXERCISE, NOTE CONVERSION AND CONCURRENT PRIVATE PLACEMENT OF COMMON SHARES
Summary
VANCOUVER, BC, June 12, 2024 /CNW/ - (OTCQB: FLHLF) (Cboe CA: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinicalstage natural psychedelic drug development company, today announces that, further to its press release dated June 3, 2024, it has completed its previously announced C$1.0 million bridge financing (the "Financing").Pursuant to the Financing, Negev Capital Fund One, LP ("Negev"), a leading psychedelic drug development venture fund and existing investor in the Company, exercised its outstanding warrants (the "Warrants") to purchase an aggregate of 17,284,443 common shares in the capital of the Company ("Common Shares") for gross proceeds to the Company of approximately C$0.9 million and converted its outstanding C$1.25 million convertible note, due July 13, 2024 (the "Note"), into 25,000,000 Common Shares. "This partnership allows our team to continue its mission to combat substance use disorders by developing botanical psychedelic medicines. "The Common Shares issued to Negev and Benjamin Lightburn pursuant to the Financing are subject to a four month and one day hold period in accordance with applicable securities laws.As a result of the exercise of Warrants and the conversion of the Note, Negev has become a holder of greater than 20% of the issued and outstanding Common Shares.For additional details regarding the Financing and associated transactions, please refer to the Companys press release dated June 3, 2024.Filament Health is a clinical-stage natural psychedelic drug development company. We believe that safe, standardized, naturally-derived psychedelic medicines can improve the lives of many, and our mission is to see them in the hands of everyone who needs them as soon as possible. Filament will not update any forward looking statements or forwardlooking information that are incorporated by reference herein, except as required by applicable securities laws.