FSD Pharma Second Tranche of Private Placement Closes, Total of $4.59 Million Raised at $20.10 To Date, Extends Offering

About this update from Quantum Biopharma Ltd. Subordinate Voting Shares Class B

[{"type":"text","content":"\n\n\n\nFSD Pharma Second Tranche of Private Placement Closes, Total of $4.59 Million Raised at $20.10 To Date, Extends Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 4, 2019\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, Nov. 4, 2019 /CNW/ - FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDD) (FRA: 0K9) (\"FSD\" or the \"Company\") announces that it has closed a second tranche of its previously announced private placement (the \"Private Placement\"), and has now raised total gross proceeds of CAD $4,596,285 from investors, including members of senior management and the Board of Directors, issuing an aggregate of 228,671 class B subordinate voting shares (the \"Shares\"). The Shares issued to purchasers in Canada will be subject to a four-month hold period, in accordance with applicable Canadian securities laws. The Company expected to close the Private Placement by October 31, 2019, however, it has elected to extend the Private Placement to accommodate potential additional interest from institutional grade investors. The Company now expects to close a third and final tranche of the Private Placement by December 6, 2019. The terms of the Private Placement remain the same as disclosed in prior press releases, however, the price per Share has been adjusted to CAD$20.10 per Share as a result of the Company's recent 201:1 share consolidation.\n\n \n \n\n \nThe net proceeds from the Private Placement will be used for the expansion of the Company's biosciences division, including the research and development of PP-101 (micro-palmitoylethanolamide (micro-PEA) plus pregabalin) – the Company's pre-clinical drug candidate for the treatment of symptoms related to fibromyalgia – and for general corporate purposes, including working capital, potential investments and acquisitions.\nGiven that members of senior management and the Board of Directors participat...

More updates from Quantum Biopharma Ltd. Subordinate Voting Shares Class B