- Lobe Sciences (LOBE) has closed a non-brokered private placement for gross proceeds of $1,347,500
- The company issued 28,262,800 units for $0.05 per unit
- Proceeds will be used to support initial human clinical trials with novel psilocin analogues L-130 and L-131
- Lobe Sciences (LOBE) is a Canadian biopharmaceutical company
- Lobe Sciences Ltd. (LOBE) is up 29 per cent on the day, trading at C$0.20 per share at 3 pm ET
Lobe Sciences (LOBE) has closed a non-brokered private placement for gross proceeds of $1,347,500.
The company issued 28,262,800 units for $0.05 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the subscriber to acquire one additional share until September 8, 2025.
Warrants are subject to an acceleration clause.
Finders fees of $65,640 were settled by issuing 1,312,800 units.
Philip J. Young, Chief Executive Officer of Lobe, commented on the capital raise.
“We are extremely pleased to close this financing and are thankful for the support and confidence of our investors who join us in seeing the potential of our clinical development plan. This funding combined with the entering into of the recently announced convertible notes of up to $1.5M with Cantheon Capital will enable us to execute our plan to advance our proprietary psilocin compounds into human clinical trials.”
Proceeds will be used primarily for manufacturing and regulatory activities necessary to support initial human clinical trials with novel psilocin analogues L-130 and L-131.
All securities issued are subject to a statutory four month hold period.
Lobe Sciences (LOBE) is a Canadian biopharmaceutical company focused on discovering and developing psychedelic-derived medicines for neurologic and brain diseases.
Lobe Sciences Ltd. (LOBE) is up 29 per cent on the day, trading at C$0.20 per share at 3 pm ET.