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Psyched Wellness Closes Tranche 2A of Non-Brokered Private Placement, Amends and Restates Investor Rights Agreement, Provides Corporate Update and Announces Director Change
Toronto, Ontario--(Newsfile Corp. - September 1, 2023) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQ...
About this update from Psyched Wellness Ltd
[{"type":"text","content":"Psyched Wellness Closes Tranche 2A of Non-Brokered Private Placement, Amends and Restates Investor Rights Agreement, Provides Corporate Update and Announces Director ChangeToronto, Ontario--(Newsfile Corp. - September 1, 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 pleased to announce, further to its press releases dated May 30, 2023 (the \"May 30 Release\") and June 12, 2023 (the \"June 12 Release\"), that it has closed a second tranche of its previously announced non-brokered private placement (the \"Offering\") effective August 31, 2023 (the \"Tranche 2A Closing Date\") for gross proceeds of US$4,500,000 (\"Tranche 2A\") upon satisfying the Tranche 2A closing conditions and receiving a closing notice. Capitalized terms not otherwise defined herein have the meanings attributed to them in the May 30 Release.Pursuant to Tranche 2A, the Company has issued 87,402,855 Units at a price of C$0.07 per Unit for gross proceeds of US$4,500,000, approximately C$6,118,200, based on an exchange rate of US$1.00 = C$1.3596 as at August 28, 2023, as published on the website of the Bank of Canada.Each Unit consists of one (1) Common Share and one (1) Warrant. Each Warrant entitles the holder thereof to acquire one (1) Additional Share at a price of C$0.10 per Additional Share at any time for a period of sixty (60) months from the date of issuance, exercisable on a cashless basis, subject to acceleration and compliance with the policies of the CSE, as further outlined in the May 30 Release.All securities issued under Tranche 2A are subject to: (i) a four (4) month and one (1) day hold period from the date of issuance and (ii) applicable legends as required pursuant to the U.S. Securities Act. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.Shareholder MeetingAt the annual general and special meeting of Shareholders held on Tuesday, July 11, 2023 (the \"Meeting\"), the Shareholders voted overwhelmingly in favour of each resolution put forth at the Meeting at a passing rate of over 99%, including approval of the Transaction Resolution (as defined in the June 12 Release) by a ...