Life Sciences company specializing on developing second generation psychedelics compounds for treatment of mental disorders BetterLife Pharma Inc. (CSE: BETR) (OTCQB: BETRF) announced having closed a non-brokered private placement which happened late last week.
The company says it issued 1,142,857 common shares at a price of $0.70 per common share in the private offering. This resulted to the company fetching $800,000 from the private placement.
These common shares issued in the private placement are however subject to a hold period under applicable securities laws under which the period expires exactly four months plus one day after the day the placement was closed.
The company says it will be using proceeds from this private offering to boost its working capital expenditures and to advance its ongoing preclinical and clinical programs.