Business
Psyched Wellness Announces Closing of Private Placement and Shares for Debt Transaction and Resignation of a Director
Toronto, Ontario--(Newsfile Corp. - March 20, 2026) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the "Company"), a life sciences company focused on the production and distribution of Amanita Muscaria-derived health and wellness products, announces the closing of (i) the first tranche of its non-brokered private placement (the "Offering") for gross proceeds of C$859,653.47, led by Gotham Green Fund III, L.P. and Gotham Green Fund III (Q), L.P. (together with their affiliates and
About this update from Psyched Wellness Ltd
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - March 20, 2026) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the "Company"), a life sciences company focused on the production and distribution of Amanita Muscaria-derived health and wellness products, announces the closing of (i) the first tranche of its non-brokered private placement (the "Offering") for gross proceeds of C$859,653.47, led by Gotham Green Fund III, L.P. and Gotham Green Fund III (Q), L.P. (together with their affiliates and co-investors, the "Investor Group"), and (ii) a shares for debt transaction with Zerkalo, LLC ("Zerkalo") (the "Shares for Debt Transaction").","length":693,"tagName":"p"},{"type":"text","content":"Private Placement Details","length":25,"tagName":"p"},{"type":"text","content":"Under the first tranche of the Offering, the Company issued an aggregate of 56,930,693 common shares of the Company ("Common Shares") at a price of C$0.0101 per Common Share and an aggregate of 56,930,693 common share purchase warrants ("Warrants") at a price of C$0.005 per Warrant. Each Warrant entitles the holder thereof to acquire one (1) additional Common Share (each, an "Additional Share") at a price of C$0.0051 per Additional Share at any time on or before the date that is sixty (60) months following the closing date.","length":559,"tagName":"p"},{"type":"text","content":"All securities issued under the Offering are subject to: (i) a four (4) months and (1) day hold period from the closing date and (ii) applicable legends as required pursuant to the U.S. Securities Act.","length":201,"tagName":"p"},{"type":"text","content":"The Company intends to use the net proceeds from the Offering for working capital or as otherwise permitted under Canadian Securities Exchange ("CSE") policies.","length":170,"tagName":"p"},{"type":"text","content":"Related Party Transaction","length":25,"tagName":"p"},{"type":"text","content":"The Offering constitutes a "related party transaction" under MI 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") as the Investor Group jointly controls over 10% of the outstanding Common Shares. The Company relied on exemptions from formal valuation and minority shareholder approval under Sections 5.5(b) a...