Vancouver, British Columbia--(Newsfile Corp. - February 11, 2025) - MYND Life Sciences Inc. (CSE: MYND) (OTC Pink: MYNDF) (“MYND” or the “Company”) a clinical-stage life sciences company committed to the development and commercialization of drug therapies and diagnostics to improve the monitoring and treatment of depression, today announced that it has entered into shares for debt agreements (the “Agreements”), to satisfy an aggregate of $2,273,062.30 of the Company’s outstanding debt (the “Indebtedness”) related to loan, fees including all principal, accrued and unpaid interest, costs payments outstanding. An aggregate of 22,730,623 common shares in the capital of the Company (the “Shares”) at a deemed price of $0.10 per Share are proposed to be issued to the creditors. The creditors include certain related parties of the Company, including, (collectively, the “Related Parties”).
The Shares issued pursuant to the shares for debt agreements will be subject to a four month plus one day hold period pursuant to the policies of the Canadian Securities Exchange.
The shares for debt transaction involving the Related Parties will constitute a “related party transaction” under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (“MI 61-101”). However, the issuance is exempt from: (i) the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b), as the Shares are not listed on a market specified in MI 61-101, and (ii) from the minority shareholder approval requirement of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61-101, as the fair market value of the Shares does not exceed 25% of the Company’s market capitalization. The participation by the Related Parties in the shares for debt transactions has been approved by directors of the Company who are independent in connection with such transaction.
About MYND Life Sciences (MYND)
MYND Life Sciences Inc. is a clinical-stage life sciences company focused on developing and commercializing drug therapies, along with a proprietary biomarker test, to diagnose and monitor the effectiveness of treatments for Major Depressive Disorder (MDD) and Treatment-resistant Depression (TRD). MYND’s proprietary biomarker for depression has the potential to support personalized patient management strategies, leveraging the company’s unique intellectual property and offering the possibility of near-term revenue opportunities. MYND is developing this test with the goal of being the first test to market of its kind, targeting depression, where there is a tremendous unmet need. For more information, you can visit www.myndsciences.com.
For more information please contact: Lih Ming Tam, CFO
Email: ir@myndsciences.comPhone: 604-813-9795
Web: www.myndsciences.com
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