Business
PSYENCE GROUP INC. Announces Update on Previously Announced Non-Brokered Private Placement of Common Shares
TORONTO, June 25, 2025 (GLOBE NEWSWIRE) -- Psyence Group Inc. (CSE: PSYG) (“Psyence” or the “Company”), a life science biotechnology company pioneering the
About this update from Psyence Biomedical Ltd.
[{"type":"text","content":"TORONTO, June 25, 2025 (GLOBE NEWSWIRE) -- Psyence Group Inc. (CSE: PSYG) (“Psyence” or the “Company”), a life science biotechnology company pioneering the use of natural psilocybin in mental health and well-being, is pleased to announce an update to its previously announced non-brokered private placement (the “Offering”) of common shares in the capital of the Company (the “Common Shares”). Pursuant to the Offering, the Company has raised gross proceeds of C$600,000 split into two tranches. Tranche 1 closed today, and the Company has issued an aggregate of 4,760,000 Common Shares at a price of C$0.10 per Common Share for gross proceeds of C$476,000. Tranche 2 is anticipated to close on or about July 4, 2025 for the remaining gross proceeds of C$124,000. The Offering was originally announced on June 18, 2025. The net proceeds of the Offering will be used for general working capital purposes. The Offering was completed pursuant to the prospectus exemption available under Section 2.3 of National Instrument 45-106 – Prospectus Exemptions (the ‘accredited investor’ exemption) and other available exemptions under applicable securities laws. All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. In the event that the Company undertakes a transaction that constitutes a fundamental change, change of business, reverse takeover, or other reviewable transaction as defined under applicable securities laws and policies of the Canadian Securities Exchange, or raises additional funds through a public offering, private placement, or other capital raise involving equity or equity-linked instruments, the resale restrictions may extend beyond four months and one day following the completion of such transaction. There can be no assurance that any transaction will be identified or completed, and the Company may reallocate the use of proceeds depending on evolving business needs and market conditions. ABOUT PSYENCE GROUP: www.psyence.com Psyence is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG), with a focus on natural psychedelics. Psyence works with nature-derived psilocybin products for the healing of psychological trauma and its mental health consequences in ...