Clearmind Medicine Priced ~1.15M Share Public Offering of Common Stock Monday at $6.50/Share and is being Uplisted to the Nasdaq Capital Market on November 15

Author: Charles Gross | November 15, 2022 06:26am
Clearmind Medicine Inc. (CSE:CMND), (FSE: CWY0) ("Clearmind" or the "Company"), a biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major undertreated health problems, today announced the pricing of its underwritten public offering of 1,153,847 common shares at a price to the public of US$6.50 per share (CAD$8.65), for aggregate gross proceeds of US$7.5 million, prior to deducting underwriting discounts and offering expenses. The pricing occurs following a 1-for-30 reverse stock split, which was effective at 5:30 p.m. on September 30, 2022. In addition, the Company has granted Aegis Capital Corp. ("Aegis") a 45-day option to purchase up to 173,077 additional common shares, equal to 15% of the number of shares sold in the offering solely to cover over-allotments, if any. The public purchase price per additional common share will be US$6.50 per share (CAD$8.65). If Aegis exercises the option in full for common shares, the total gross proceeds of the offering including the overallotment are expected to be approximately US$8.6 million before deducting underwriting discounts and commissions and offering expenses. The offering is expected to close on or about November 17, 2022, subject to customary closing conditions. All securities sold as part of the offering may not be sold, transferred, hypothecated or otherwise traded on or through facilities of Canadian securities exchange or otherwise in Canada or for the benefit of a Canadian resident until March 17, 2023. Aegis Capital Corp. is acting as sole book-running manager for the offering. Additionally, Aegis will receive 57,692 underwriter warrants, each such warrant entitling the agents to receive one common share upon payment of US $8.125 per share, exercisable six (6) months after the commencement of sales of this offering and expiring on a date which is no more than five (5) years after the commencement of sales of the offering. The Company also announced that, in connection with the offering, its common shares have been approved for listing on the Nasdaq Capital Market and will begin trading on the Nasdaq Capital Market under the symbol "CMND" on November 15, 2022.

Posted In: CSE:CMND