Biotechnology company focused on research and development of psychedelic medicines to address addictions disorders and mental illnesses Entheon Biomedical Corp. (CSE: ENBI) (OTCQB: ENTBF) announced that it will be moving forward with a non-brokered private placement financing of up to 30 million units priced at CDN$0.10 per unit translating to a total of CDN$3 million.
Each unit will comprise of one common share in the company’s capital and one transferable share purchase warrant. Each warrant will be exercisable to acquire one extra share for a period of 36 months from the date the units were issued at an exercise price of CDN$0.15 per share in year one and CDN$0.25 in the second and third year.
Entheon says it will be using proceeds from the non-brokered private placement to fund its research and development activities and general working capital and corporate needs.
In accordance with the policies of the Canadian Securities Exchange (CSE) all the securities under the private placement will be subject to a four-month and one-day holding period, Entheon may also pay finder’s fee.