Mydecine raises much-needed capital: With the markets in an extended funk, we’ve been covering the issue of dwindling cash reserves. Many of our favorite psychedelic medicine firms are feeling the capital squeeze, and investors are waiting to see who will be able to weather this period of unfavorable market conditions and raise enough cash to continue their work.

Mydecine is one of the players with a very promising pipeline but with cash reserves in need of some topping up. Seems they’ve been working to get things in order, with Mydecine Announces Reverse Stock-Split and the news of a previous, smaller capital raise.

Today Mydecine announced the closing of a larger capital raise — they issued 2,447,130 shares at a price of $1.15, for aggregate gross proceeds of $2,814,199.50 (this was the closing of their previously announced offering of up to $4 million).

This is nearly $3 million in much-needed capital, and should help solidify things while they get their developmental projects underway, including promising Phase 2 trial for smoking cessation with Johns Hopkins.

See the full press release below and stay tuned for more on this.

Mydecine Announces Size of Previously Announced Overnight Marketed Public Offering of Units

DENVER, May 27, 2022 /CNW/ – Mydecine Innovations Group Inc. (“Mydecine” or the “Company“) (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is pleased to announce that it has closed its previously announced best efforts overnight marketed offering (the “Offering“) of units (the “Units“) through a syndicate of agents led by Stifel Nicolaus Canada Inc. (“Stifel GMP“) and Roth Canada, Inc. (together with Stifel GMP, the “Agents“). Under the Offering, the Company issued 2,447,130 Units at a price per Unit of $1.15 for aggregate gross proceeds of $2,814,199.50. Each Unit consists of one common share (each a “Common Share”) and one common share purchase warrant of the Company (a “Warrant“). Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.40 per Warrant until May 27, 2027.

The net proceeds of the Offering will be used by the Company to support its clinical trials and partnerships, as well as for working capital and general corporate purposes, as more particularly set out in the Company’s prospectus supplement (the “Prospectus Supplement“) dated May 20, 2022, available under the Company’s profile at www.sedar.com

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In consideration for their services, the Company paid to the Agents a cash commission equal to 7.0% of the aggregate gross proceeds of the Offering (other than from president’s list subscribers) and issued to the Agents 49,560 compensation warrants (the “Compensation Warrants“). Each Compensation Warrant may be exercised to acquire one Common Share (each, a “Compensation Share“) at an exercise price of $1.15 per Compensation Share until May 27, 2027. Separately, the Company paid an advisory fee in the form of 121,739 common share purchase warrants (the “Advisory Warrants“). The Advisory Warrants have the same terms as the Compensation Warrants.

Miller Thomson LLP acted as Canadian legal advisors to the Company and Bennett Jones LLP acted as Canadian legal advisors to the Agents in connection with the Offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

Neither the NEO Exchange nor its Market Regulator (as that term is defined in the policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this press release.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands. Learn more at: https://www.mydecine.com/ and follow us on Facebook, Twitter, and Instagram.

On behalf of the Board of Directors

Joshua Bartch, Chief Executive Officer

contact@mydecineinc.com

For further information about Mydecine, please visit the Company’s profile on SEDAR at https://sedar.com/ or visit the Company’s website at https://www.mydecine.com/