Clearmind Medicine Announces Pricing of US$2.25 Million Public Offering
September 14 2023 - 9:23AM
Clearmind Medicine Inc. (NASDAQ: CMND) (CSE: CMND), (FSE: CWY)
(“Clearmind”), a biotech company focused on the discovery and
development of novel psychedelic-derived therapeutics to solve
major under-treated health problems, today announced the pricing of
its United States only public offering made on a reasonable best
efforts basis with gross proceeds to the Company expected to be
approximately US$2.25 million, before deducting placement
agent fees and other expenses payable by the Company. The offering
consists of 7,500,000 common shares and pre-funded warrants
and 7,500,000 common warrants. The common warrants are
immediately exercisable, will expire five years from the date of
issuance and will have an exercise price of US$ 0.30 per
common share. Each common share (or pre-funded warrant in lieu
thereof) is being sold together with one common warrant at a
combined purchase price of US$0.30 per share (or
US$0.299 per pre-funded warrant after reducing US$0.001
attributable to the exercise price of the pre-funded warrants) but
will be issued separately. The common warrants and pre-funded
warrants will not be listed on any exchange.
The offering is expected to close on September
18, 2023, subject to the satisfaction of customary closing
conditions.
The Company expects to use the net proceeds from
the offering, for general corporate purposes, which may include
operating expenses, research and development, including clinical
and pre-clinical testing of our product candidates, working
capital, future acquisitions and general capital expenditures.
The offering is not being made in Canada and
residents of Canada may not purchase any securities being offered
in the offering.
Aegis Capital Corp. is acting as
exclusive placement agent for the
offering.
A registration statement on Form F-1 (File No.
333-273293) relating to the offering of the securities was filed
with the U.S. Securities and Exchange Commission (SEC) and declared
effective by the SEC on September 14, 2023. The offering is being
made only by means of a prospectus. A final prospectus describing
the terms of the proposed transaction may be obtained, when
available, on the SEC's website, www.sec.gov or by contacting
Aegis Capital Corp., 1345 Avenue of the Americas, 27th Floor, New
York, NY 10105, by telephone at (212) 813-1010 or by email at
syndicate@aegiscap.com. This press release shall not constitute an
offer to sell or a solicitation of an offer to buy, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Clearmind Medicine
Inc.
Clearmind is a psychedelic pharmaceutical
biotech company focused on the discovery and development of novel
psychedelic-derived therapeutics to solve widespread and
underserved health problems, including alcohol use disorder. Its
primary objective is to research and develop psychedelic-based
compounds and attempt to commercialize them as regulated medicines,
foods or supplements.
The Company’s intellectual portfolio currently
consists of fourteen patent families. The Company intends to seek
additional patents for its compounds whenever warranted and will
remain opportunistic regarding the acquisition of additional
intellectual property to build its portfolio.
Shares of Clearmind are listed for trading on
Nasdaq and the Canadian Securities Exchange under the symbol "CMND"
and the Frankfurt Stock Exchange under the symbol “CWY.”
For further information visit:
https://www.clearmindmedicine.com or contact:
Investor Relations
invest@clearmindmedicine.com
Telephone: (604) 260-1566
US: CMND@crescendo-ir.com
General Inquiries
Info@Clearmindmedicine.com
www.Clearmindmedicine.com
FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act and other securities laws. Words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates”
and similar expressions or variations of such words are intended to
identify forward-looking statements. Forward-looking statements are
not historical facts, and are based upon management’s current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management’s expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. In addition, we cannot assure that any patent will
issue as a result of a pending patent application or, if issued,
whether it will issue in a form that will be advantageous to us.
Forward-looking statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in the forward-looking statements. For a more
detailed description of the risks and uncertainties affecting the
Company, reference is made to the Company’s reports filed from time
to time with the Securities and Exchange Commission (“SEC”),
including, but not limited to, the risks detailed in the Company’s
annual report on Form 20-F filed with the SEC on February 6, 2023
and the Company's preliminary prospectus (Registration No.
333-273293), filed with the SEC on September 13, 2023.
Forward-looking statements speak only as of the date the statements
are made. The Company assumes no obligation to update
forward-looking statements to reflect actual results, subsequent
events or circumstances, changes in assumptions or changes in other
factors affecting forward-looking information except to the extent
required by applicable securities laws. If the Company does update
one or more forward-looking statements, no inference should be
drawn that the Company will make additional updates with respect
thereto or with respect to other forward-looking statements.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Clearmind is not
responsible for the contents of third-party websites.
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