Ground floor opportunityMissed the chance with DOC. THis one should have some legs in September. GLTA
MYDECINE INNOVATIONS GROUP SIGNS A LETTER OF INTENT TO SELL ITS WHOLLY-OWNED SUBSIDIARY, MINDLEAP HEALTH INC.
Mydecine Innovations Group Inc. has signed an letter of intent (LOI) for the sale of its digital technology subsidiary, Mindleap Health Inc. to Pangenomic Health Inc.
"We are extremely pleased with what we have accomplished with Mindleap Health," said Josh Bartch, chief executive officer and chairman of Mydecine. "We have spent significant time and resources over the past two years developing a truly world-class mental health platform that is original, built from the ground up, intuitive and scalable, all while addressing some of the world's most pressing mental health issues."
The LOI contemplates that the company will sell all of Mindleap's outstanding shares to Pangenomic for a purchase price of $4-million, payable by the issuing of units at an agreed-upon price of 20 cents per unit, or such higher price as the Canadian Securities Exchange may require. Each unit comprises one Class A common share of Pangenomic and one share purchase warrant to purchase one additional share for 30 cents per unit warrant share, or such larger amount as the CSE may require, for 24 months from the closure of the purchase and sale of Mindleap shares. In addition to the purchase and sale of Mindleap shares at the purchase price, Pangenomic and the company will enter into a transition services agreement whereby Pangenomic will engage the company to assist in the transition, transfer and integration of Mindleap technologies into Pangenomic's technology platform for two months following the closing. In return for the services, Pangenomic shall pay the company a monthly consulting fee of $50,000 ($100,000 total), payable at the closing and on the one-month anniversary of the closing date.
"People are assuming more control over their personal health decisions, and are interested in evidence-based information about novel treatments for mental health conditions," said Robert Nygren, executive chair of Pangenomic Health. "We believe that the team at Mindleap Health has developed an extremely user-friendly and professional app that connects consumers with trusted information about the emerging field of psychedelic-assisted therapy and qualified health practitioners."
"Given the recent narrowing of Mydecine's business scope, we needed to find a group that we believe is capable of continuing the vision of Mindleap and taking it to the next level," said Mr. Bartch. "We believe the Pangenomic Group is that group. Mindleap has over 40,000 organic downloads, and we believe this app has the potential to reach millions of users."
About Pangenomic Health Inc.
Pangenomic Health is a precision health company that has developed a self-care digital platform to deliver personalized, evidence-based information about natural treatments. The company's initial focus is to support mental health. Registered as a British Columbia benefit company, Pangenomic Health's mission is to promote and improve the health and wellness of people and society by providing a technology platform that identifies plant-based solutions tailored to the health profile of each individual.