[ad_1]
Psychedelics company Cybin Inc. CYBN announced an overnight marketed public offering of its units and confirmed its set pricing on an aggregate 24,264,706 Cybin units, at $0.34 each, for aggregate gross proceeds of $8,250,000.
Each unit will equate one common share and one common share purchase warrant, the latter being exercisable to acquire one of the former for $0.40 during 60 months.
Cantor Fitzgerald is acting as the sole book-running manager, and A.G.P./Alliance Global Partners as its lead manager.
The offering is expected to close on or about August 4, 2023, “or such other date as the Cantor Fitzgerald & Co. and the Company may agree.” Completion of the offering will be subject to market and other customary conditions, including approval of the Neo Exchange now operating as Cboe Canada.
The Company intends to use these net proceeds to progress CYB003 and CYB004’s clinical programs, plus for general corporate and working capital purposes.
See Also: Cybin’s FY2023 Financials, Guidance And Appointment Of Sanford R. Climan As Strategic Advisor
Units will be offered in all Canadian provinces except Quebec and in the U.S., pursuant to a prospectus supplement to Cybin’s short-form base shelf prospectus dated July 5, 2021. The supplement will be filed with the SEC as part of a registration statement on Form F-10.
Suspension of Equity Facility Purchases
Cybin notified Lincoln Park Capital Fund (LPC) of its intention to suspend purchases under its May-dated purchase agreement effective immediately.
The deal allowed Cybin to issue common shares for up to $30 million from treasury to LPC from time to time, at its discretion, for a period of up to 36 months. The company reportedly sold an equivalent of $465,273 under the agreement prior to the suspension of sales.
While no further shares will be sold to LPC pursuant to the agreement’s supplement, Cybin intends to file, subject to regulatory approvals, a new supplement with respect to the purchase agreement, to be filed under a new base shelf prospectus.
The Benzinga Cannabis Capital Conference Is Back!
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Photo: Benzinga edit with photo by anaterate and sergeitokmakov on Pixabay.
[ad_2]
Source link
