FSD Pharma enters LOI with Celly Nutrition

FSD Pharma has entered into a non-binding letter of intent with 1319741 B.C. Ltd., an unlisted reporting issuer, which will be renamed Celly Nutrition. It is intended that FSD Pharma and Celly Nutrition or “Celly Nu” will enter into a definitive licensing and loan agreement whereby FSD will provide Celly Nu an exclusive licence to commercialize products developed using FSD’s IP for alcohol misuse technology for recreational applications. Concurrent with closing of the transaction, FSD intends to loan Celly Nu up to $1M on a secured basis with a term of 3 years, bearing interest at 10% per annum. Celly Nu will pay FSD a licence fee by issuing 100,000,000 shares and a 7% royalty on gross revenue should a product be commercialized. FSD may distribute some or all of the Celly Nu shares to its shareholders in the future. The product being developed, UNBUZZD, is designed to accelerate alcohol detoxification.