Psyence Group Announces Closing of Fourth Tranche of Private Placement and Conversion of Convertible Debt Note
TORONTO, April 03, 2023 (GLOBE NEWSWIRE) — Psyence Group inc. (CSE:PSYG | OTCQB:PSYGF) (“Psyence” or the “Company”), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, is pleased to announce that it has issued 9,043,038 common shares at a price of CAD$0.12 per common share for gross proceeds of CAD$1,085,164. This brings the total amount the Company has raised pursuant to the previously announced private placement to CAD $3.04 million (“Aggregate Proceeds”). The Company has received additional interest from prospective investors and has upsized the private placement accordingly. Net proceeds from the non-brokered private placement will be used to advance the Company’s recently announced Phase IIb clinical trial in Australia using a natural psilocybin in the palliative care setting, drug development and for general working capital.
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