Are you above the legal age to view this content in your province/state?

Home / Industry News / FSD Pharma extends private placement

FSD Pharma extends private placement

FSD Pharma extends private placement

U.K., October 1, 2019 (PROACTIVE)- It said the first tranche raised gross proceeds of C$4,583,085 from investors, issuing an aggregate of 45,830,850 shares at a price of C$0.10 each.

The group noted that net proceeds from the private placement will be used for the expansion of the company’s biosciences division.
FSD Pharma Inc. (CSE:HUGE) (OTCMKTS:FSDDF) said it has extended its previously announced private placement of class B subordinate voting shares in to a second tranche to accommodate potential additional interest from institutional grade investors, having closed a first tranche on September 30.

In a statement, FSD Pharma said the first tranche raised gross proceeds of C$4,583,085 from investors, including members of its senior management and board of directors, issuing an aggregate of 45,830,850 shares at a price of C$0.10 each.

The company pointed out that it had initially expected to close the private placement by September 30, 2019, however, it has elected to extend the offering to accommodate potential additional interest and now expects to close a second and final tranche by October 31.

The group noted that net proceeds from the private placement will be used for the expansion of the company’s biosciences division, including the research and development of PP-101  – micro-palmitoylethanolamide (micro-PEA) plus pregabalin – the company’s pre-clinical drug candidate for the treatment of symptoms related to fibromyalgia, a disorder characterized by widespread musculoskeletal pain accompanied by fatigue, sleep, memory and mood issues.

The funds will also be used for general corporate purposes, including working capital, potential investments and acquisitions, it added.

Cobourg, Ontario based FSD Pharma is focused on the research and development of cannabinoid-based treatments for several central nervous system disorders including fibromyalgia, and irritable bowel syndrome. It also grows medical-grade cannabis at its 25,000 square foot facility in Ontario.

Disclaimer

Investment Value Finders specializes in providing opinions and information on stocks to individuals who wish to receive them. Our reports are construed for information purposes solely and are distributed free of charge to individuals who wish to receive them.


Investment Value Finders does not promote, condone or advocate licit or illicit drug use. Investment Value Finders cannot be held responsible for materials or contests posted on its website pages, or pages to which we provide links, which promote, condone or advocate licit or illicit drug use or illegal activities.


DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser. We are neither licensed nor qualified to provide investment advice.


Investment Value Finders occasionally receives direct compensation for hosting links (or other* advertisements) to third party content that may be subject to disclaimer pursuant to Section 17(b) of the Securities Act of 1933. For those instances where the link text contains company or stock-specific mention, we provide the following list of compensation received in order to ensure full disclosure and transparency.


Investment Value Finders is intended for those 21+ years of age only!

Check Also

FSD Pharma 'hunkering down' on grow facility and 'doubling down' on biosciences effort

FSD Pharma ‘hunkering down’ on grow facility and ‘doubling down’ on biosciences effort

  FSD Pharma Inc (CSE:HUGE) (OTCMKTS:FSDDF) CEO Raza Bokhari reveals 3Q highlights for the medically-focused cannabis …