BetterLife Pharma (BETR) has entered into an agreement with Research Capital Corporation as the lead underwriter and sole bookrunner.
The underwriters have agreed to purchase, on a bought-deal basis, 13,750,000 units of BetterLife Pharma at a price of $0.40 per unit for aggregate gross proceeds of $5,500,000.
Each unit includes one common share and one common share purchase warrant.
Each warrant shall entitle the holder to purchase one common share at an exercise price of $0.50 at any time up to 36 months from the closing of the offering.
The company has granted to the underwriter the option to increase the size of the offering by up to an additional 15% of the total number of units to be issued under the offering, exercisable at any time and from time to time up to 30 days following the closing of the offering.
Net proceeds will be used for working capital and general corporate purposes.
The offering is expected to close on or about May 28, 2021, and is subject to the company receiving all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.
BetterLife Pharma is an emerging biotechnology company engaged in the development and commercialization of next-generation psychedelic products for the treatment of mental disorders.
BetterLife Pharma Inc. (BETR) opened trading at C$0.47 per share.