Business
PSYC Secures $350K in Private Equity-Based Capital Financing
PSYC Secures $350K in Private Equity-Based Capital Financing.
About this update from Psyc Corporation
[{"type":"text","content":"\n LAKE OSWEGO, OR, March 29, 2022 (GLOBE NEWSWIRE) -- PSYC Corporation (OTCPink: PSYC) (“PSYC” or the “Company”) a media leader for the emerging sector of medicinal psychedelics and authorities behind Psychedelic Spotlight, a top ranking psychedelic news and information platform, is pleased to announce the Company successfully secured $350,000 in equity-based financing. Pursuant to the terms of the investment, a total of 17,500,000 shares of PSYC common stock were sold at a price of $0.02 per share and include warrant options for the right to purchase up to an additional 20M shares over the next 12 months. The investment was completed by Trent Sullivan of Jackson, Tennessee and is a private, accredited investor.  “We are incredibly grateful to Mr. Sullivan for the resounding faith he is demonstrating in the future of PSYC by way of this investment,” said PSYC CEO, David Flores. “Much of the intent here is to leverage the use of this financing to aid in the advancement of certain initiatives, such as commencing with the audit of our 2021 financials, expanding our monetization strategies related to Psychedelic Spotlight, and continuing to explore diversification opportunities for Spotlight Media Corp. We also believe this should be viewed as a very important strategic shift for the Company to a more equity-based capital structure, particularly as we begin to ramp things up with our corporate development efforts. Our success in securing this investment reinforces our commitment to PSYC’s long-term vision and strategy, on which we continue to execute, for the benefit of our shareholders.”  Newly minted PSYC CFO, Craig Schlesinger, added, “Our ability to secure equity financing despite these current market conditions is a message to the psychedelics community that we’re here to stay, and we’re just getting started. This quarter we’ve seen psychedelic companies with product risk and in ancillary media fold; however, we continue to build an organic, grass roots shareholder movement. We still face a long road ahead with plenty of challenges, but we’re excited to enter this new phase of equity financing to bolster our performing assets, while developing and diversifying our portfolio in the psychedelic & digital media sectors. Mr. Sullivan ...