Psyence Biomedical (PBM) has released an update.
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Psyence Biomedical Ltd. has entered into an addendum with note holders, facilitating the conversion of outstanding promissory notes and removing restrictions on equity issuances and share resales at a minimum price of $0.50. In exchange for these amendments and waivers, the company will compensate the holders with fees from future offerings, issue common shares, and provide warrants. Additionally, the lock-up on shares held by Psyence Group Inc. will be lifted in two stages, improving liquidity for the parent company.
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