Psyched Wellness (CSE: PSYC) is the latest psychedelics-focused firm to announce a bought deal financing, with the company this evening announcing a financing for $3.0 million. The financing is to be lead by Canaccord Genuity Corp of the behalf of a syndicate of underwriters.

The financing will see units of the company sold at a price of $0.31 per unit, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of three years from the date of issuance, with an exercise price of $0.43 per share.

Warrants issued under the offering are subject to an acceleration clause in the event that the equity trades above $0.70 for a period of five days on a volume weighted basis.

Proceeds from the financing are to be used to fully fund the pre-clinical trials of the firms Amanita Muscaria extract, and to continue the scientific research of the extract and its potential health benefits.

The financing is anticipated to close by February 12, 2021.

Psyched Wellness last traded at $0.36 on the CSE.


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