Mind Medicine (NEO: MMED) this morning announced a bought deal financing with Eight Capital as sole bookrunner. The financing, for a total figure of $10.0 million, will be used to fund MindMed’s ongoing collaboration with that of University Hospital Basel’s Liechti Laboratory as well as for general corporate purposes.
The financing is being conducted at a price per unit of $0.53 which includes one subordinate voting share and one half warrant to purchase a subordinate voting share at a price of $0.79 for a period of 24 months following closing. The price is the offering is at a significant 13.1% discount to yesterdays closing price of $0.61 per share, and is nearly half the firms 52 week high of $0.99 set back in early March.
The bought deal, which has an over allotment option of 15%, can be expanded up to $11.5 million. The financing is expected to close on or before May 22, 2020.
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Mind Medicine last traded at $0.61 on the Neo.
Information for this briefing was found via Sedar and Mind Medicine Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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