Mindbio closes $1.1-million private placement

Executive Summary

• Mindbio Therapeutics Corp. has closed a non-brokered private placement raising gross proceeds of $1.1 million.
• The offering consisted of two tranches: 2.07 million AI Units and 680,000 LIFE Units, both priced at $0.40 per unit.
• The company issued more than 100% of its existing share capital, requiring and obtaining shareholder approval via written consent.

Key Details

• Total Gross Proceeds: $1.1 million.
• AI Units: 2.07 million units issued at $0.40 per unit for gross proceeds of $828,000.
  • Structure: Each AI Unit consists of one common share and one share purchase warrant.
  • Warrant Terms: Exercisable at $0.70 per share until December 12, 2028.
  • Accelerated Expiry: Warrants expire early if the share closing price on the Canadian Securities Exchange exceeds $1.00 for 10 consecutive trading days.
  • Resale Restriction: Securities are subject to a hold period until April 13, 2026.
• LIFE Units: 680,000 units issued at $0.40 per unit for gross proceeds of up to $272,000.
  • Structure: Each LIFE Unit consists of one common share and one-half of one warrant.
  • Resale Restriction: No hold period applies (issued under listed issuer financing exemption).
• Use of Proceeds: Advancing development of prediction technologies for drug and alcohol intoxication detection (consumer and enterprise) and general working capital.
• Finder’s Fees: $72,120 paid and 162,100 warrants issued to arm's-length parties who introduced subscribers.
• Shareholder Approval: Required due to issuance of >100% of existing share capital; obtained via written consent of the majority of outstanding shares.

Notable Quotes

• None provided in the text.