VANCOUVER, BC, June 12, 2024 /CNW/ - Filament Health Corp. (OTCQB: FLHLF) (Cboe CA: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinical‐stage natural psychedelic drug development company, today announces that, further to its press release dated June 3, 2024, it has completed its previously announced C$1.0 million bridge financing (the "Financing").
Pursuant to the Financing, Negev Capital Fund One, LP ("Negev"), a leading psychedelic drug development venture fund and existing investor in the Company, exercised its outstanding warrants (the "Warrants") to purchase an aggregate of 17,284,443 common shares in the capital of the Company ("Common Shares") for gross proceeds to the Company of approximately C$0.9 million and converted its outstanding C$1.25 million convertible note, due July 13, 2024 (the "Note"), into 25,000,000 Common Shares. As part of the Financing, Benjamin Lightburn, Chief Executive Officer and Co-Founder of the Company, purchased 2,700,000 Common Shares at a price of C$0.05 per share for gross proceeds to the Company of approximately C$0.1 million.
"We're pleased that Negev Capital, one of the foremost institutional investors in psychedelic therapies, has reinforced their support of Filament," said Benjamin Lightburn, Co-founder and Chief Executive Officer at Filament Health. "This partnership allows our team to continue its mission to combat substance use disorders by developing botanical psychedelic medicines."
The Common Shares issued to Negev and Benjamin Lightburn pursuant to the Financing are subject to a four month and one day hold period in accordance with applicable securities laws.
As a result of the exercise of Warrants and the conversion of the Note, Negev has become a holder of greater than 20% of the issued and outstanding Common Shares.
For additional details regarding the Financing and associated transactions, please refer to the Company's press release dated June 3, 2024.
Filament Health is a clinical-stage natural psychedelic drug development company. We believe that safe, standardized, naturally-derived psychedelic medicines can improve the lives of many, and our mission is to see them in the hands of everyone who needs them as soon as possible. Filament's platform of proprietary intellectual property enables the discovery, development, and delivery of natural psychedelic medicines for clinical development. We are paving the way with the first-ever natural psychedelic drug candidates.
Learn more at www.filament.health and on Twitter, Instagram, and LinkedIn.
Certain statements and information contained herein may constitute "forward‐looking statements" and "forward‐looking information," respectively, under Canadian securities legislation. Generally, forward‐looking information can be identified by the use of forward‐looking terminology such as, "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward‐looking statements or information. The forward‐looking statements are not historical facts, but reflect the current expectations of management of Filament regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward‐looking statements. Forward‐looking statements regarding the Company are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Filament to be materially different from those expressed or implied by such forward‐looking statements or forward‐looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐ looking statements and forward‐looking information. Filament will not update any forward‐ looking statements or forward‐looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Filament Health Corp.
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