Cybin Corp., a mushroom life sciences company focused on psychedelic medicines and nutraceutical products, on Monday announced its entry into an amalgamation agreement dated June 26, 2020, with Clarmin Explorations Inc. (TSX.V: CX) and 2762898 Ontario Inc., a wholly-owned subsidiary of Clarmin. According to the update, completion of the transactions contemplated in the agreement will result in the reverse takeover of Clarmin by Cybin (the “Proposed Transaction”). In connection with the Proposed Transaction, Cybin plans to complete a “best-efforts” brokered private placement of subscription receipts of Cybin, with a syndicate of agents co-led by Stifel Nicolaus Canada Inc. (“Stifel GMP”) and Eight Capital, to raise a minimum of $14 million (US$10 million) and a maximum of $21 million (US$15 million), with a 15% agents’ option. “We are delighted by the varying strategic biotech and investment funds, merchant bankers, pharmaceutical and CPG executives, and strategic individual investors who have invested in Cybin to date,” Cybin CEO Paul Glavine said in the news release. “This is the beginning of a transformational moment in Cybin’s history and we expect to be well positioned to accelerate our strategic growth initiatives. We’re thrilled to receive the support of Stifel GMP and Eight Capital, a strong show of confidence in the long-term potential of the psychedelic sector.”
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About Cybin
Cybin is a mushroom life sciences company advancing psychedelic and nutraceutical-based products. Cybin is launching psilocybin-based products in jurisdictions where the substance is not banned. Simultaneously, Cybin is structuring and supporting clinical studies across North America and other regions, through strategic academic and institutional partnerships. For more information, visit www.Cybin.com
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