- GHP Noetic Science-Psychedelic Pharma (PSYF.P) has completed its initial public offering of five million shares, raising proceeds of C$1 million
- Prior to the offering, the company had already raised $500,000 in cash proceeds
- As a capital pool company, GHP currently has no commercial operations, but is seeking opportunities to complete a qualifying transaction
- IPO proceeds will be used to identify and evaluate potential asset acquisitions, in order to complete a qualifying transaction
- GHP Noetic Science-Psychedelic Pharma (PSYF.P) will begin trading on the TSX Venture Exchange today
GHP Noetic Science-Psychedelic Pharma (PSYF.P) has completed its initial public offering of five million shares, raising proceeds of C$1 million.
Under the prospectus, the common shares in the company’s capital had an issue price of 20 cents each.
Prior to the offering, GHP had already raised cash proceeds of $500,000. Combined, the company has now raised total gross proceeds of $1.5 million.
At this time, GHP has 10 million issued and outstanding shares, half of which are currently being held in escrow.
GHP is a capital pool company (CPC), according to the policies of the TSX Venture Exchange. The TSXV’s CPC program is a unique listing vehicle, in which a public shell company must complete a qualifying transaction.
Acquiring a business completes the qualifying transaction, allowing the company to trade on the TSXV as a regularly listed company. GHP currently has no commercial operations, but is seeking acquisition opportunities, to complete the qualifying transaction.
The company will use the proceeds raised thus far to identify and evaluate business assets for potential acquisition.
GHP’s CEO, Michael Franks, commented on the company’s milestone achievement.
“We are pleased to announce that our IPO has been fully subscribed, and we are excited to begin identifying quality targets in order to complete a qualifying transaction,” he said.
The company’s common shares have been accepted for trading on the TSXV, under the ticker code PSYF.P. The .P extension will be removed once GHP acquires a business and completes the qualifying transaction.
GHP Noetic Science-Psychedelic Pharma (PSYF.P) will begin trading on the TSX Venture Exchange today.