Vancouver-based psychedelic extraction and drug discovery company Filament Health has announced a non-brokered private placement of 1,250 convertible debenture units at a rate of CAD 1,000 (USD 773) per unit to raise CAD 1.25 million (USD 1 million) and a non-brokered private placement of 9.6 million units at a rate of CAD 0.13 (USD 0.1) per unit to raise CAD 1.25 million (USD 1 million). The gross proceeds of the two offerings amounted to CAD 2.5 million (USD 2 million).
Each debenture unit will consist of non-interest bearing, unsecured convertible debentures worth CAD 1,000 (USD 773)—convertible into common shares at a rate of CAD 0.25 (USD 0.19)—and 6,667 warrants that enable the purchase of one common share for a period of 36 months following the placement closing date, at a rate of CAD 0.30 (USD 0.23).
Each unit will consist of one common share and one common share purchase warrant. Each warrant will enable the purchase of one additional share for a period of 36 months following the closing date at a rate of CAD 0.30 (USD 0.23).
The net proceeds of the placement will be used to fuel the company’s R&D efforts, intellectual property, and general working capital purposes. Subject to the final approval from NEO Exchange, the placement is expected to close on or about July 14, 2022.