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Benzinga
Benzinga
Business
Nina Zdinjak

Novamind Stock Dives On $3.95M Private Placement With Institutional Investor

Novamind NM

Novamind Inc. (CSE:NM) (OTCQB:NVMDF) (FSE: HN2) announced Monday a CA$5 million ($3.95 million) private placement with an institutional investor. The mental health company, specialized in psychedelic medicine, confirmed it has signed a securities purchase agreement with a single institutional investor for a private placement of its common shares, and warrants.

Under the private placement, the company will issue 12.5 million shares and warrants to buy up to an aggregate of 12.5 million shares at a price of CA$0.40 per share and associated warrant. Each warrant will entitle the holder to purchase one share at a price of CA$0.50 per share for a period of five years following the issuance date.

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