MindBio Announces Private Placement to Raise up to $650,000

Executive Summary

• MindBio Therapeutics Corp. announced a non‑brokered private placement to raise up to $650,000 by selling 1,083,333 units at $0.60 per unit.
• Each unit consists of one common share and one warrant allowing purchase of an additional share at $0.80 for 36 months (with accelerated expiry if the CSE price exceeds $1.00 for ten consecutive trading days).
• Subject to board and regulatory approval, MindBio also plans to grant up to 450,000 stock options under its Omnibus Incentive Plan at an exercise price of $0.75, exercisable for 12 months.

Key Details

• Units Offered: Up to 1,083,333 units
• Unit Price: $0.60 per unit → Gross proceeds target: up to $650,000
• Composition of Each Unit:
• 1 common share of MindBio
• 1 warrant to purchase an additional share at $0.80
• Warrant Terms:
• Exercise price: $0.80 per share
• Valid for 36 months after closing
• Accelerated expiry if CSE share price > $1.00 for ten consecutive trading days
• Use of Proceeds:
• Accelerate development and deployment of proprietary hardware and edge technology for intoxication detection in the mining industry
• Recruitment of specialized personnel
• General working capital purposes
• Finder’s Fees: Company will pay fees to eligible third parties introducing subscribers.
• Resale Restrictions: All securities issued are restricted from resale for four months and one day.
• Board & Regulatory Approvals: Completion pending final board approval and applicable regulatory clearances.
• Stock Option Grant (contingent on board approval):
• Up to 450,000 options under the Omnibus Incentive Plan
• Exercise price: $0.75 per option
• Validity period: 12 months from grant date

Notable Quotes

(No direct quotes were provided in the release.)