Mind Medicine (NEO: MMED) has completed its previously announced bought deal private placement, raising gross proceeds of $34.5 million. The financing saw the exercise in full of the over-allotment option granted to underwriters.
The financing saw units of the company sold at a price of $1.90 each, resulting in the issuance of 18.2 million units of the company. Each unit contained one subordinate voting share and one half of a purchase warrant. Warrants are exercisable at a price of $2.45 until December 11, 2023, while also containing an acceleration clause.
Under the acceleration clause, if the company sees a daily weighted average trading price of its listed shares exceed $4.00 for a period of 10 days, the company can elect to force the warrant expiry date to 30 days upon granting notice of the acceleration. Warrants are also expected to be listed for trading under the symbol “MMED.WA” on the Neo Exchange.
The closing of the financing brings the total funds raised to date since its IPO to $121.4 million for the company. Approximately $85.0 million of that is said to remain in company coffers, with reserves to be used on the development of the digital medical division Albert along with continued development of its clinical trial pipeline. Funds from the latest financing are also to go towards additional microdosing research and development.
Mind Medicine last traded at $3.63 on the Neo.
Information for this briefing was found via Sedar and MindMed. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
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