MYND Life Sciences Announces Update on Payment Obligations Under Unsecured Convertible Debentures
MYND Life Sciences has not made its payment obligations under its unsecured convertible debentures, leading to ongoing discussions with bondholders regarding potential amendments and extension of the Maturity Date. The company has formed a special committee to evaluate alternatives and communicate with bondholders within 30 days.
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MYND Life Sciences has not fulfilled its payment obligations, which may negatively impact investor confidence and the company's financial stability.
09/11/2023 - 09:00 AM
MYND Life Sciences was formed to commercialize proprietary biomarker diagnostic tests and novel therapeutics for patients suffering from MDD, TRD and other neuro-inflammatory disorders
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) - MYND Life Sciences Inc. (CSE: MYND) (OTCQB: MYNDF) ("MYND " or the "Company ") today announces it has not made its payment obligations under its unsecured convertible debentures issued on September 8, 2021 with a total principal amount of $3,000,000 (collectively, the "Convertible Debentures ").
Pursuant to the terms of the Convertible Debentures, the Company was required to pay the principal amounts and accrued interest thereon by no later than September 8, 2023 (the "Maturity Date "). As of the date of this press release, the Company has neither: (i) paid the principal amounts or the accrued interest thereon; nor (ii) agreed upon a repayment plan for such amounts with the holders of the Unsecured Convertible Debentures. Leading up to the Maturity Date, the Company has had ongoing discussions with certain holders of the Unsecured Convertible Debentures regarding potential terms for amending the Unsecured Convertible Debentures, including an extension of the Maturity Date. Those discussions are on-going and the Company is continuing to evaluate alternatives available to it. The Company announced today that it has formed a special committee. The mandate of the special committee will be to evaluate the Company's alternatives specifically as it relates to its outstanding unsecured convertible debentures and to make recommendations to the Board of Directors. This committee undertakes to communicate with bondholders within 30 days from now.
ABOUT MYND LIFE SCIENCES INC.
MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuropharmaceutical and novel drug development, diagnostics and vaccines. MYND is developing new biological entities (NBEs) and new chemical entities (NCEs) and differentiates itself from other (bio)pharmaceutical companies by unique molecular concepts for the applications of psilocybin analogs for overcoming disease. The Company advances pharmaceutical developments through rigorous science and clinical trials while diligently patenting and safeguarding its intellectual property.
For more information and to subscribe to MYND's mailing list, please visit https://myndsciences.com/contact-us .
CONTACT INFORMATION
Dr. Lyle Oberg, MD, CEOir@myndsciences.com www.myndsciences.com
Forward-Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MYND to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
None of the securities issued in connection with the Offering will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180150
