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Lobe Sciences, Ltd. Announces USD$250,000 Convertible Note Financing and Warrant Issuance
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2023) - Lobe Sciences Ltd. (CSE: LOBE...
About this update from Lobe Sciences Ltd
[{"type":"text","content":"Lobe Sciences, Ltd. Announces USD$250,000 Convertible Note Financing and Warrant IssuanceVancouver, British Columbia--(Newsfile Corp. - February 10, 2023) - Lobe Sciences Ltd. (CSE: LOBE) (OTCQB: LOBEF) (\"Lobe\" or the \"Company\"), a North American Biopharmaceutical company committed to discovering and developing patient-focused psychedelic-derived medicines for neurologic and brain disease today announced a financing in the amount of USD $250,000. This investment will be in the form of a convertible note (the \"Note\") with a face value of USD $250,000 and simple interest at the annual rate of 11.0% per annum. The Note is expected to mature on January 31, 2024 (\"Maturity Date\"). In the event that this Note remains outstanding on the Maturity Date, then the outstanding Principal Amount of this Note, together with all accrued and unpaid Interest under this Note, shall be due and payable on the Maturity Date. No finder's fees are expected to be paid in connection with the offering. Proceeds of the offering will be used to repay existing debt and for general working capital purposes.The Company also agreement to issue 1,000,000 share purchase warrants with an exercise price of $0.05 per share purchase warrant and expiry of February 2, 2025, to its cGMP manufacturing partner in exchange for deferral of payment of up to USD $150,000 for a period of 12 months.About Lobe Sciences Ltd.Lobe Sciences is a biopharmaceutical company focused on developing patient-friendly, practical psychedelic medicines. The Company, through collaborations with industry-leading partners, is engaged in drug research and development using sub-hallucinatory doses of psychedelic compounds and the development of innovative devices and delivery mechanisms to improve mental health and wellness. Each of our New Chemical Entities, L-130 and L-131, are being developed to address unmet medical needs in neurological therapeutic applications.For further information please contact: Lobe Sciences Ltd.Philip J Young, [email protected]: (949) 505-5623NEITHER THE CSE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.This does not constitute an offer to sell or a solicitation of offers to buy any securities.Forward-Looking Statements This news release contains forward-looking statements relat...