- BetterLife Pharma (BETR) has closed a non-brokered private placement for gross proceeds of $474,000
- The company issued 3,160,000 common shares at a price of $0.15 per common share
- Concurrently, BetterLife has also announced that its convertible debtholder has converted the full outstanding amount of the debt to common shares of the company
- BetterLife Pharma Inc. is an emerging biotechnology company primarily focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuropsychiatric and neurological disorders
- BetterLife Pharma Inc. opened trading at C$0.175
BetterLife Pharma (BETR) has closed a non-brokered private placement for gross proceeds of $474,000.
The company issued 3,160,000 common shares at a price of $0.15 per common share.
The common shares issued are subject to a statutory four-month hold period.
BetterLife intends to use the proceeds for working capital purposes and the advancement of pre-clinical and clinical programs.
Negev Capital and certain European-based investors participated in the offering.
“We are delighted to support BetterLife in the development of promising second-generation psychedelics that have significant clinical advantages for neuropsychiatric conditions,” stated Ken Belotsky, Partner at Negev Capital.
Concurrently, BetterLife has also announced that its convertible debtholder has converted the full outstanding amount of the debt to common shares of the company.
The principal amount (C$250,000) and accrued interest (C$58,027) have been converted at an agreed conversion price of C$0.20 per share. As a result, the company has issued 1,540,135 common shares upon conversion.
“We are extremely pleased to have such strategic investment from Negev Capital,” said Ahmad Doroudian, CEO of BetterLife.
“Investments from groups, such as Negev, provide strategic support and significant confirmation of our plans for the development of BETR-001 for the treatment of mental health disorders,” he added.
Negev Capital is a psychedelic medical intervention investment fund with assets of USD$25+ million.
BetterLife Pharma Inc. is an emerging biotechnology company primarily focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuropsychiatric and neurological disorders.
BetterLife Pharma Inc. opened trading at C$0.175.