John Schroyer
Psychedelics firm Mydecine Innovations Group Inc. (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA), which is still in the pre-revenue stage, announced a plan to offer 18.75 million additional shares for distribution at 20 cents apiece, in an attempt to raise $3.75 million.
The offering, outlined in a prospectus filed with Canadian securities regulators late last week, the offering was expected to close over the weekend, according to a press release from Mydecine.
If successful, the money will be used first and foremost “to assist in the transition to the (Canadian Securities Exchange,” according to the prospectus, which could be considered an uplisting from the NEO exchange on which Mydecine now trades in Canada.
In addition, the money raised would also be used to “settle outstanding fees owed to the NEO (exchange), to fund and develop the company’s research and development initiatives, intellectual property portfolio, its clinical trials and research partnerships, its continued development and drug pipeline and for general working capital purposes,” according to the prospectus.
The new 18.75 million shares would join the existing 26.4 million shares of Mydecine already being traded.
The move is the latest in a lengthy string of capital raise moves made by Mydecine executives, and the company has also had something of a revolving door of c-suite leaders.
Mydecine is also essentially broke, and had only about C$10,000 in the bank as of May. MYCO_-_Prospectus_Supplement_(Equity_Financing)
