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        Psygen Labs, a Canadian psychedelic drug company, has closed its previously announced non-brokered private placement financing of its unsecured convertible debentures at an interest rate of 8.0% per annum. The aggregate proceeds amounted to CAD 5.5 million (USD 4.4 million).
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        In addition to expanding its team, the company will direct its proceeds toward the construction of a 17,000 sq. ft. Good Manufacturing Practice (GMP) compliant manufacturing facility dedicated to the synthetic production of psychedelics expected to be completed in Q3 2021.&nbsp;
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        Psygen is also in the process of completing the reverse takeover (RTO) of 1290442 B.C. Ltd, and signed the definitive agreement on April 19, 2021. In relation to the RTO, it also intends to carry out a brokered private placement offering to raise a minimum of CAD 10 million (USD 8 million).&nbsp;
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        The debentures are redeemable 6 months prior to the maturity date; immediately prior to the completion of the RTO, the debentures will be converted into common shares with an expected aggregate value of CAD 30 million (USD 24 million).
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        Psygen Industries manufactures synthetic drug substances and products that are compliant with Good Manufacturing Practices (GMP) to be used for clinical trials, therapeutic use, and pre-clinical studies. The company focuses on Lysergic acid diethylamide (LSD) based therapeutics in its drug development attempts and has applied for a Dealer&rsquo;s License from Health Canada.
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  <p>
    <a href="https://www.newsfilecorp.com/release/92156">
      Newsfile Corp
    </a>
  </p>
</div>


All Updates

Psygen closes USD 4.4 million non-brokered private placement