MindBio Raises $1.1 Million in Private Placement

Executive Summary

• MindBio Therapeutics Corp. closed a non‑brokered private placement raising gross proceeds of $1,100,000.
• The offering consisted of 2,070,000 AI Units and 680,000 LIFE Units priced at $0.40 per unit, with AI Units including common shares plus full warrants and LIFE Units including common shares plus half‑warrants.
• Net proceeds will be used to advance drug and alcohol intoxication prediction technologies and for general working capital.

Key Details

• Total gross proceeds: $1,100,000 (AI Units: $828,000; LIFE Units: up to $272,000).
• Units issued:
• AI Unit – 2,070,000 units @ $0.40 each → includes one common share + one full warrant.
• LIFE Unit – 680,000 units @ $0.40 each → includes one common share + half a warrant.
• Warrant terms (AI Units): Right to purchase an additional common share at $0.70 per share, exercisable until December 12, 2028, with accelerated expiry if CSE closing price exceeds $1.00 for ten consecutive trading days.
• Warrant terms (LIFE Units): Half‑warrant attached to each unit; same exercise price and expiry as AI warrants.
• Use of proceeds: Development of prediction technologies for drug and alcohol intoxication detection (consumer & enterprise applications) and general working capital.
• Placement expenses: $72,120 paid to parties introducing subscribers; 162,100 warrants issued as compensation.
• Resale restrictions: AI Units subject to hold period until April 13, 2026; LIFE Units have no hold period.
• Shareholder approval: Obtained written consent of the majority of outstanding shares per CSE policy after issuance exceeded 100% of existing share capital.

Notable Quotes

• “The net proceeds from this offering will accelerate our development of AI‑driven prediction tools for drug and alcohol intoxication detection, positioning MindBio to meet growing consumer and enterprise demand.” – Justin Hanka, Chief Executive Officer.