Research & Development
Biomind Labs Gains FDA Investigational New Drug Clearance for Its New Chemical Entity
16 November 2022 - - The US Food and Drug Administration has given Canada-based biotech company Biomind Labs Inc (NEO: BMND) (OTC: BMNDF) (FSE:3XI) Investigational New Drug clearance related to the company's New Chemical Entity Triptax, the company said.

The company also announces that is has entered into a loan facility with its largest shareholder Union Group Ventures Ltd for the provision by the Lender of a credit facility of up to USD 3m to fund working capital requirements of the company.

Amounts made available under the Credit Facility, plus any applicable interest thereon, shall be repaid by the company on such date that is 12 months after the date of the applicable Disbursement or such earlier date that the Lender may elect.

The company may, at its sole discretion, repay each Disbursement or a portion thereof, together with accrued interest thereon, by issuing common shares in the capital of the company at a price per share, subject to applicable securities law or the rules and regulations of any applicable stock exchange including the approval of the Neo Exchange Inc, calculated as the greater of : the 15 day volume weighted average trading price of the common shares on the NEO Exchange prior to the applicable Repayment Date, less a 20% discount; and the maximum permitted discounted price under the policies of the NEO Exchange.

The Loan is unsecured. No bonus securities will be granted to the Lender for providing the Loan.

Amounts advanced under the Loan shall bear interest at 12% per annum.
The Lender is a "control person" of the company.

The Loan is considered a "Related Party Transaction" under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.

Biomind Labs is a biotech research and development company aimed at transforming biomedical sciences knowledge into novel pharmaceutical drugs and innovative nanotech delivery systems for a variety of psychiatric and neurological conditions.

Through its acceleration platform, Biomind Labs is developing novel pharmaceutical formulations of the main psychedelic molecules DMT, 5-MeO-DMT and mescaline for treating a wide range of therapeutic indications.
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