FSD Pharma Inc (CSE:HUGE) (OTCQB:FSDDF) (FRA:0K9), a provider of cannabinoid-based treatments for several central nervous system disorders including chronic pain, fibromyalgia and irritable bowel syndrome, reported on Tuesday the private placement of its class B subordinate voting shares at a price of CAD0.10 per share with investors, members of senior management and board of directors.
On 30 September 2019, the company closed an initial tranche under the private placement for gross proceeds of CAD4.583m and issued an aggregate of 45,830,850 shares. It has extended and plans to close a second and final tranche by 31 October 2019.
Under the applicable Canadian securities laws, the shares issued to purchasers in Canada will be subject to a four-month hold period.
Net proceeds from the private placement will be used by the company for the expansion of its biosciences division, the research and development of PP-101 (micro-palmitoylethanolamide (micro-PEA) plus pregabalin) for the treatment of symptoms related to fibromyalgia, general corporate purposes, working capital as well as potential investments and acquisitions.
(USD1=CAD1.32283)
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