Mindbio arranges $650,000 private placement

Executive Summary

• Mindbio Therapeutics Corp. announced a non-brokered private placement to raise up to $650,000 to accelerate the development of its enterprise intoxication detection solution and related hardware/edge technologies for the mining industry.
• The company will issue up to 1,083,333 units at $0.60 per unit, with each unit comprising one common share and one share purchase warrant.
• Net proceeds will be used for technology development, deployment at mining sites, recruitment, and general working capital, subject to board and regulatory approvals.

Key Details

• Gross Proceeds: Up to $650,000.
• Offering Structure: Non-brokered private placement.
• Units Offered: Up to 1,083,333 units.
• Price Per Unit: $0.60 CAD.
• Unit Composition: Each unit consists of one common share and one share purchase warrant.
• Warrant Terms:
  • Each warrant entitles the holder to acquire one additional common share.
  • Exercise Price: $0.80 per share.
  • Term: 36 months following closing.
  • Accelerated Expiry: Warrants expire early if the closing price of shares on the Canadian Securities Exchange exceeds $1.00 for 10 consecutive trading days.
• Use of Proceeds: Accelerate development and deployment of proprietary hardware and edge technology for remote/scalable use of intoxication detection at mining sites, recruitment of specialized personnel, and general working capital.
• Resale Restrictions: All securities issued are subject to a 4-month and 1-day hold period.
• Finder’s Fees: The company will pay finders' fees to eligible third parties who introduced subscribers.
• Additional Compensation: Subject to final board approval, the company plans to offer up to 450,000 stock options to consultants and employees.
  • Option Exercise Price: $0.75 per option.
  • Option Term: 12 months.
• Conditions Precedent: Completion is subject to final board and regulatory approvals.