Psyence Group Inc Completes Reverse Takeover Transaction and Completes Non-brokered Financing
January 21st, 2021
Psyence Group Inc. (“Psyence“), formerly Cardinal Capital Partners Inc., is pleased to announce the successful completion of the previously announced reverse takeover transaction (“RTO“).
The Company also is pleased to announce that, in connection with the RTO, MindHealth Biomed Corp. completed its current non-brokered private placement in the amount of $2,179,632.00. Combined with its previous private placement of $7,123,249.25, a total of CAD$9,302,881.25 has been raised to date. All shares issued pursuant to these private placements have been exchanged for shares of the Company, as described below.
Psyence’s common shares have been conditionally approved for listing on the CSE and the ticker symbol “PSYG” has been reserved with the CSE.
Jody Aufrichtig, Chief Executive Officer and Director of Psyence, commented:
“We are delighted to have concluded the financing and reverse take over transaction which formally introduces the Psyence Group to the public market. I believe that our management team, who have extensive international experience in the business of medicine and science, will help us achieve our goal of developing natural psilocybin medicines and therapies for the treatment of mental health disorders and oncology palliative care.”
The RTO was completed by way of a three-cornered amalgamation among the Company, MindHealth Biomed Corp (“MindHealth“), and a wholly-owned subsidiary of the Company (“SubCo“) incorporated for the purpose of completing the RTO. The amalgamation resulted in MindHealth combining its corporate existence with SubCo, and becoming Pysence Biomed Corp, a wholly-owned subsidiary of the Company. Pursuant to the RTO, all of the outstanding shares, options and warrants of MindHealth were exchanged for shares, options and warrants of Psyence. The Company intends to be a global platform for innovation, leading the way in naturally derived psychedelic therapies and the development and commercialization of related technologies and products.
In connection with the RTO the Company changed its name to “Psyence Group Inc“, the newly amalgamated wholly-owned subsidiary was named “Pysence Biomed Corp”, and the Company’s common shares (the “Shares“) were consolidated on the basis of one (1) post-consolidation Share for every 19.24 pre-consolidation Shares held, resulting in 1,666,662 Shares being outstanding immediately prior to giving effect to the RTO. As part of the RTO, each holder of common shares in MindHealth was issued 1.0649 Shares, on a post-consolidation basis, for each MindHealth common share held immediately prior to the RTO. Immediately following the RTO, the Company’s issued and outstanding share capital consists of 85,373,209 Shares outstanding and 101,793,473 Shares outstanding on a fully diluted basis.
In connection with the RTO, the management and advisors of the Company are comprised of the following: Jody Aufrichtig (Co-founder, Group President and Chief Executive Officer); Mike Dacks (Chief Operating Officer, Psyence Therapeutics); Dr. Dingle Spence, MD (Chief Medical Officer, Psyence Jamaica); Xan Morgan (European Director and Advisory Board Member); Dr. Amza Ali, MD (Group Medical Advisor); Deika Morrison, MBA (Manager, Psyence Jamaica); Dr. Neil Maresky, MD (Scientific Advisory Board); Bayline Capital Partners (Capital Markets Advisor); Tony Budden (Chief Strategy Officer); Mary-Elizabeth Gifford (EVP, Public Affairs and Corporate Social Responsibility); Warwick Corden-Lloyd (Chief Financial Officer), and Taryn Vos (General Counsel). The Board of Directors of the Company is comprised of Jody Aufrichtig, Gavin Basserabie, Marvin Singer, Dr Amza Ali, and Ryan Roebuck.
No stock exchange nor IIROC accepts responsibility for the adequacy or accuracy of this release.
About Psyence Group:
The Psyence Group intends to set the global standard for natural psychedelics. We are science-led by global experts in neurology, neuroscience and drug development. Psyence has built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities. Psyence will be pioneering the use of natural psilocybin for the long-term treatment of psychological trauma and its mental health consequences. Psyence Group will have a global footprint operating across multiple legal jurisdictions, through the advanced provision of psychedelic therapies and experiences, as well as market leading functional mushroom brands and product portfolio.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
Follow Us on Social Media
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.