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MYND Life Sciences Announces Update on Payment Obligations Under Unsecured Convertible Debentures
MYND Life Sciences was formed to commercialize proprietary biomarker diagnostic tests and novel t...
About this update from Mynd Life Sciences Inc
[{"type":"text","content":"MYND Life Sciences Announces Update on Payment Obligations Under Unsecured Convertible DebenturesMYND Life Sciences was formed to commercialize proprietary biomarker diagnostic tests and novel therapeutics for patients suffering from MDD, TRD and other neuro-inflammatory disordersVancouver, 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 pa...