Biotech
Wednesday, August 7th, 2024 2:03 pm EDT
Key Points
- Optimi Health Corp. plans to complete a non-brokered private placement of up to 16,666,666 units at CAD$0.30 per unit, aiming to raise up to CAD$5,000,000.
- The units include one common share and a half transferable common share purchase warrant, with each whole warrant exercisable at CAD$0.40 for two years, subject to an accelerated expiry if the company’s share price exceeds CAD$0.50 for 20 consecutive trading days.
- The net proceeds will be used for commercializing business opportunities globally, commissioning new equipment for GMP production and analytical labs, and general working capital, with a hold period of 4 months and 1 day for all issued securities.
Vancouver, British Columbia–(Newsfile Corp. – August 7, 2024) – Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FSE: 8BN) (“Optimi” or the “Company“), a GMP-approved, Health Canada licensed psychedelics pharmaceutical manufacturer specializing in botanical psilocybin and MDMA, announces it intends to complete a non-brokered private placement of up to 16,666,666 units (each a “Unit“) at CAD$0.30 per Unit for gross proceeds of up to CAD$5,000,000 (the “Offering“).
Each Unit comprised of one (1) common share in the capital of the Company (each a “Common Share“) and one-half of one (1/2) transferable Common Share purchase warrant (each whole warrant a “Warrant“). Each Warrant entitles the holder to acquire one (1) Common Share at CAD$0.40 for two (2) years from the date of issuance, subject to an accelerated expiry provision, whereby in the event the closing price of the Company’s Common Shares on the Canadian Securities Exchange (the “Exchange“) exceeds CAD$0.50 for a period of 20 consecutive trading days, at the Company’s election, the period within which the Warrants are exercisable, will be reduced and the holders of the Warrants will be entitled to exercise their Warrants for a period of 30 days commencing on the day the Company provides notice, any outstanding Warrants not exercised during the 30 day period will expire.
It is anticipated that insiders of the Company may participate in the Offering for up to CAD$500,000. The issuance of Units to insiders will be considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, will not exceed 25% of the Company’s market capitalization.
The Company intends to use the net proceeds from the Offering to further commercialize business development opportunities in Australia and around the world, commissioning recently purchased equipment for its GMP production and analytical laboratory, and general working capital. All securities issued under the Offering, including securities issuable on exercise thereof, will be subject to a hold period expiring 4 months and 1 day after issuance, in accordance with the rules and policies of the Exchange and applicable Canadian securities laws.
In connection with the Offering the Company may pay, to qualified non-related parties, a finder’s fee in cash equal to 4% of the gross proceeds raised.
For more information, please contact:
OPTIMI HEALTH CORP.
Jacob Safarik, CFO
Telephone: (778) 897-3279
jacob@optimihealth.ca
For media inquiries, please contact:
Andrea Mestrovic
Andrea@weareverypolite.com
For investor inquiries, please contact:
Michael Kydd
investors@optimihealth.ca
For more information, please visit Optimi Health.
