Business
Psyched Wellness Announces Offering of Units for Proceeds of up to US$7,500,000, Annual General and Special Meeting and Enters into Binding Term Sheet
Toronto, Ontario--(Newsfile Corp. - May 30, 2023) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PS...
About this update from Psyched Wellness Ltd
[{"type":"text","content":"Psyched Wellness Announces Offering of Units for Proceeds of up to US$7,500,000, Annual General and Special Meeting and Enters into Binding Term SheetToronto, Ontario--(Newsfile Corp. - May 30, 2023) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the \"Company\" or \"Psyched Wellness\"), a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom, is excited to announce that it has entered into a binding agreement effective May 28, 2023 (the \"Term Sheet\") with Gotham Green Fund III, L.P. and Gotham Green Fund III (Q), L.P. (together, \"Gotham Green\") pursuant to which the Company shall complete a non-brokered private placement (the \"Offering\") of units in the capital of the Company (each, a \"Unit\") for aggregate gross proceeds of up to US$7,500,000 (approximately C$10,217,250) at a price of C$0.07 per Unit in two tranches, the first of which will be for US$500,000 (approximately C$681,150) and the second is expected to be for up to US$7,000,000 (approximately C$9,536,100), each of which is subject to closing conditions. The Offering will be led by Gotham Green, and it is anticipated to include affiliates and/or co-investors (together, \"Investor Group\").\"Psyched Wellness's work over the past four years has been ground-breaking, with the Company developing its proprietary extract of the federally legal Amanita Muscaria mushroom, AME-1, and proving its safety for human consumption through extensive studies and United States GRAS certification. With this proposed investment, we would aim to fund and facilitate the nationwide rollout of mainstream consumer products centered around AME-1, and we look forward to working closely with the Company,\" said Harrison Aaron, Principal at Gotham Green Partners.Jeff Stevens, Psyched Wellness Chief Executive Officer, commented, \"Management and the board of directors are thrilled to share this announcement with our investors. Attracting this prospective majority investment from Gotham Green Partners is a clear validation of what we've accomplished to date in pioneering a legal path to market for products derived from the Amanita Muscaria mushroom. We believe that the closing of this strategic investment would ensure the Company is able to capitalize upon its first-mover advantage and fund ...