Nova Mentis Announces Closing of Non-Brokered Financing
Nova Mentis Life Science Corp. has completed a non-brokered private placement financing, raising $1,483,500. The company issued 29,670,000 units at CAD $0.05 each, with each unit including one common share and one warrant priced at CAD $0.075. Proceeds will fund the launch of an autism spectrum disorder observational study and a Phase 2A clinical study for fragile X syndrome, along with general working capital. All issued securities are subject to a four-month hold period.
- Raised a total of $1,483,500 from the private placement.
- Funding supports the launch of critical studies for ASD and FXS.
- 29,670,000 units issued, enhancing liquidity and operational capacity.
- None.
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VANCOUVER, BC, March 15, 2022 /PRNewswire/ - Nova Mentis Life Science Corp. (CSE: NOVA) (FSE: HN3Q) (OTCQB: NMLSF) ("NOVA" or the "Company"), a biotechnology company and global leader in first-in-class psilocybin-based therapeutics and complementary diagnostics for neuroinflammatory disorders, is pleased to announce that it has completed a non-brokered private placement financing for total gross proceeds of
The Company has issued 29,670,000 units (the "Units") at a price of CAD
The Company will use the proceeds from the Placement towards the launch of its autism spectrum disorder (ASD) North America Observational Study, Health Canada Phase 2A fragile X syndrome (FXS) clinical study and general working capital. All securities issued under the Placement are subject to a statutory hold period of four months and one day from the date of issuance.
"On behalf of our management and scientific leadership team, we want to thank our shareholders for investing in our vision and supporting NOVA's research and drug development work. We are proud of the progress we have been able to achieve and look forward to the launch of our FXS human clinical trials," says Will Rascan, NOVA's CEO & President.
"We are very encouraged by the positive results of NOVA's preclinical studies which confirmed the potential application of the Company's psilocybin microdose formulation(s) in the treatment of ASD and FXS," stated Dr. Marvin S. Hausman MD, Chairman of NOVA's Scientific Advisory Board. "We are finalizing the Health Canada application for a phase 2A clinical study of psilocybin for the treatment of FXS, with plans to submit applications for similar studies in the U.S. and Europe later this year. The continued support from NOVA's shareholders and the investment community helps accelerate our efforts as we proceed on the pathway to drug approval and commercialization."
A portion of the Placement constitutes a "related party transaction" within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Placement.
About Nova Mentis Life Science Corp.
Nova Mentis Life Science Corp. is a Canadian-based biotechnology company, and global leader in developing diagnostics and psilocybin-based therapeutics for neuroinflammatory disorders. NOVA is the first biotech company to achieve psilocybin orphan drug designation in both the United States and the European Union.
The goal is to diagnose and treat debilitating chronic conditions that have unmet medical needs, such as autism spectrum disorder (ASD) and Fragile X Syndrome (FXS).
For further information on the Company, please visit www.novamentis.ca or email info@novamentis.ca.
On Behalf of the Board,
Will Rascan, President & CEO
Nova Mentis Life Science Corp.
Twitter: @novamentislsc
Instagram: @novamentislsc
Facebook: @novamentislsc
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Nova Mentis Life Science's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
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SOURCE Nova Mentis Life Science Corp.
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