Biotechnology company focusing on developing diagnostics and psilocybin based therapeutics and complementary diagnostics for neuroinflammatory disorders Nova Mentis Life Sciences Corp. (CSE: NOVA) (OTCQB: NMLSF) announced having completed a non-brokered private placement financing round in which they fetched gross proceeds amounting to $1,483,500.
In the private placement, Nova Mentis issued 29,670,000 units with each unit going for CAD $0.05 per. Each unit comprises of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to buy one additional share for a 18 months period at a price of CAD $0.075 per share.
The company’s CEO and President, Will Rascan, says they will be using proceeds from the financing round to initiate its autism spectrum disorder (ASD) North America Observational Study, Health Canada Phase 2A fragile X syndrome (FXS) clinical study and to boost its working capital.
“On behalf of our management and scientific leadership team, we want to thank our shareholders for investing in our vision and supporting NOVA’s research and drug development work. We are proud of the progress we have been able to achieve and look forward to the launch of our FXS human clinical trials,” said the CEO.