Mind Cure Announces Closing of Oversubscribed $3.6 Million Offering
November 19th, 2020
Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) (“Mind Cure”or the “Company”) is pleased to announce that is has closed, on an oversubscribed basis, its previously announced non-brokered private placement (the “Offering“). The Company issued 8,000,000 units (the “Units“) at a price of $0.45 per Unit for gross proceeds of $3,600,000.
Each Unit consists of one common share and one common share purchase warrant (each, a “Warrant“). Each Warrant is exercisable into one common share in the capital of the Company at an exercise price of $0.60 per share for a period of 24 months after the date of issue. This Offering was completed under a number of available prospectus exemptions, including the accredited investor exemption.
“We continue to see strong support from the investment community,” said Philip Tapley, Mind Cure’s Chairman, President, and CEO. “The world-class team we are assembling here at Mind Cure is already hard at work, and this financing enables us to accelerate our operations. We firmly believe that investment and innovation can work hand in hand, and we look forward to delivering value to our shareholders as we establish ourselves as a leader in the mental health revolution.”
Kelsey Ramsden, Mind Cure’s COO, stated, “It is an honour to secure financing at any time, and the speed at which this Offering closed and the oversubscription validates our position and the overwhelming interest in this industry. With this financing, the Company is now well funded with cash on hand in excess of $5,000,000, and we now have the resources we need to focus on rapid tactical execution of our strategic plan. I am excited for the market to witness the drive and unique value our quickly growing, world-class team will bring to psychedelic research and medical technology.”
The proceeds from the Offering will be used to further the Company’s evaluation of new product candidates, psychedelic product research opportunities, support the existing product line, increase spending for investor relations, advertising and marketing, hire and engage additional parties to help achieve the Company’s business goals and objectives and for general working capital purposes. All securities issued pursuant to the Offering are subject to hold period of four months and a day from the date of closing. No fees or compensation are payable to any finders in connection with the Offering.
About Mind Cure Health Inc.
Mind Cure is a mental health and wellness company with a mission to identify, develop and commercialize products that ease suffering, increase productivity, and enhance mental health. It is the therapeutic potential of nootropics, psychoactive products, and psychedelic substances to treat the profound distress of a world suffering from a mental health crisis that led to the formation of Mind Cure.
On Behalf of the Board of Directors
Philip Tapley, Chairman, President, and CEO
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