• Psyence Group (PSYG) has closed the second tranche of a private placement
  • Under the second tranche, the company issued 7,751,859 common shares at a price of $0.12 per common share for proceeds of $930,223
  • Net proceeds will be used to advance its palliative care clinical trial, drug development and general working capital
  • Psyence is a life science biotechnology company with a focus on natural psychedelics
  • Psyence Group Inc. was down 25.00 per cent, trading at $0.09 at 09:52 ET

Psyence Group (PSYG) has closed the second tranche of a $3M private placement for gross proceeds of $930,223.

Under the second tranche, the company issued 7,751,859 common shares at a price of $0.12 per common share.

This is in addition to the previously-announced closing of the first tranche for gross proceeds of $1.22 million from a consortium led by Brandon Kerzner, a member of the globally recognized Kerzner family.

The non-brokered private placement is subject to CSE approval, and all securities issued will be subject to a statutory four-month hold period.

Net proceeds from the non-brokered private placement will be used to advance its palliative care clinical trial, drug development and general working capital.

Executives and officers of the company agreed to receive 1,186,134 common shares at a price of $0.12 per common share to settle $142,336 in consulting fees and salaries. 

The company has also appointed Christopher Bull as a strategic advisor. He will assist with technology patterning and strategic cross-licensing arrangements, patents and investor relations.

Psyence is a life science biotechnology company with a focus on natural psychedelics.

Psyence Group Inc. was down 25.00 per cent, trading at $0.09 at 09:52 ET.


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