Life sciences company focused on advancing medicines that leverage on psychedelic compounds to improve mental health MYND Life Sciences (CSE: MYND) (OTCMKTS: MYNDF) announced having entered into a binding term sheet concerning a non-brokered private placement offering of debenture units with an institutional investor.
The total principal amount of the debentures units set to be issued amounts to $3 million. Each debenture comprises of $1,000 principal amount of senior unsecured convertible debentures and common share purchase warrants exercisable for 1,000 common shares.
The debentures have a maturity date of 24 months from the issuance date and shall bear a 5% per annum interest rate.
“We are incredibly pleased to add a strategic institutional investor, who has been very active in deploying capital in novel psychedelic drug development companies, to participate in this round of financing, joining our broader investor base in advancing our novel drug discovery platform. This capital will enable the Company to accelerate the commercialization of its diagnostic biomarker division in addition to helping advance MYND’s various clinical trials which are expected to commence in Q4 of this year,” said the company’s CEO, Dr. Lyle Oberg.