TORONTO, Dec. 06, 2024 (GLOBE NEWSWIRE) — Psyence Group Inc (“Psyence Group” or the “Company“) (CSE: PSYG) hereby announces that it has entered into an addendum to the previously announced debt-for-equity swap agreements (the “Debt Swap Agreements“) with its NASDAQ-listed associate, Psyence Biomedical Ltd (NASDAQ: PBM) (“PBM” or “Psyence Biomed“), pursuant to which Psyence Biomed has agreed to issue to the Company 337,750 Psyence Biomed common shares at a deemed price of US$3.88 per common share, in exchange for the discharging of the balance of Psyence Biomed’s obligations due under the Debt Swap Agreements and a promissory note, dated January 25, 2024, issued by Psyence Biomed to the Company in connection with Psyence Biomed’s listing of its common shares on the NASDAQ in January 2024.
Further, the Company has entered into a second addendum to the previously announced share sale agreement (“Share Sale Agreement“) whereby the Company disposed of its minority stake in privately held PsyLabs to Psyence Biomed in exchange for shares of its common stock. Psyence Biomed has agreed to issue to the Company 257,021 Psyence Biomed common shares at a deemed price of US$3.88 per common share, in exchange for the discharging of the balance of Psyence Biomed’s obligations due under the Share Sale Agreement.
The Company’s board of directors has, subject to the appropriate recusal of interested directors who are also directors of Psyence Biomed, approved the addendum to the Debt Swap Agreements and the second addendum to the Share Sale Agreement and no materially contrary view or abstention was expressed or made by any director in relation thereto. The Company will not file a material change report in respect of these transactions at least 21 days before anticipated closing thereof, as the Company wishes to close on an expedited basis for sound business reasons.
Psyence Biomed has agreed to register the resale of all such common shares issued to the Company by not later than 60 days of the issuing of such common shares.
About Psyence Group and Psyence Biomed:
Psyence Group is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG), with a focus on natural psychedelics. Psyence Biomed is the world’s first life science biotechnology company traded on the Nasdaq (NASDAQ: PBM) that is focused on the development of botanical (nature derived, or non-synthetic) psilocybin-based psychedelic medicines, and works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.
Informed by nature and guided by science, Psyence Group works to develop advanced natural psilocybin products for clinical research and development.
Learn more at www.psyence.com and on Twitter, Instagram and LinkedIn.
Learn more at www.psyencebiomed.com and on LinkedIn.