- BetterLife Pharma (BETR) has announced a private placement offering for gross proceeds of between $1,500,000 and $5,000,000
- The company will issue up to 50 million units priced at C$0.10 per unit
- The offering is expected to close on or about March 14, 2023
- BetterLife Pharma is a biotechnology company engaged in the development and commercialization of psychedelic products for the treatment of mental disorders
- BetterLife Pharma Inc. (BETR) is down 14.3 per cent on the day, trading at C$0.12 per share at 1 pm ET
BetterLife Pharma (BETR) has announced a private placement offering for gross proceeds of between $1,500,000 and $5,000,000.
The company will issue up to 50 million units priced at C$0.10 per unit. Each unit includes one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share for a period of five years at an exercise price of $0.15.
Securities issued will not be subject to a hold period.
The offering will be led by Bloom Burton Securities Inc. as lead placement agent and Research Capital Corp. BetterLife will pay a cash fee and grant broker warrants to the agents.
The offering is expected to close on or about March 14, 2023, and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals.
About BetterLife Pharma
BetterLife Pharma Inc. is an emerging biotechnology company focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuropsychiatric and neurological disorders.
BETR-001, which is in preclinical and IND-enabling studies, is a non-hallucinogenic and non-controlled LSD derivative in development, and it is unique in that it is unregulated and, therefore, can be self-administered. BETR-002, which is in preclinical and IND-enabling studies, is based on honokiol, the active anxiolytic ingredient of magnolia bark.
BetterLife Pharma Inc. (BETR) is down 14.3 per cent on the day, trading at C$0.12 per share at 1 pm ET.