Vancouver-based psychedelic biotech company HAVN Life Sciences has entered into a subscription agreement with Alpha Blue Ocean, securing CAD 9 million (USD 7 million) in a financing commitment involving convertible debentures. 

The company will issue CAD 10.6 million principal amount of convertible debentures in 20 tranches over a period of 36 months. The first tranche is expected to close on or about August 04, 2022 and will amount to CAD 1.1 million (USD 0.9 million) (including a debenture commitment fee of CAD 0.6 million [USD 0.5 million] payable to the subscriber). The remaining tranches will amount to CAD 0.5 million (USD 0.4 million) each.