Clearmind Medicine closes $2.4M registered direct, private placement

Clearmind Medicine announced the closing of its previously announced definitive agreements with institutional investors for the purchase and sale of Common Shares and Pre-Funded Warrants in a registered direct offering. In a concurrent private placement, the company also agreed to sell to the same investors, Common Warrants. Aggregate gross proceeds to the company from both transactions were approximately $2.4M. The transactions consisted of the sale of an aggregate of 1,500,000 Common Units, each consisting of one Common Share or Pre-Funded Warrant and one (1) PIPE Common Warrant to purchase one (1) Common Share per warrant at an exercise price of $1.60. The public offering price per Common Unit was $1.60. The Pre-Funded Warrants were immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering decreased on a one-for-one basis. The PIPE Common Warrants will be exercisable immediately after registration and expire 60 months after the initial issuance date. The company expects to use the net proceeds from the offerings, together with its existing cash, for general corporate purposes and working capital.