Lobe Sciences Ltd. announced that it has closed a non-brokered private placement of 28,262,800 units at a price of CAD 0.05 per unit for gross proceeds of CAD 1,413,140 on September 8, 2022. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of CAD 0.05 per share until September 8, 2025, subject to an accelerated expiry if, on any ten consecutive trading days occurring after four months and one day has elapsed following September 8, 2022, the closing price of the share as quoted on the Canadian Securities Exchange is greater than CAD 0.05 per share.

The company paid Peak Asset Management of Melbourne Australia a finder's fee equal to 8% of funds raised in Australia in connection with the transaction. The total finders' fee was CAD 65,640 which was settled through the issuance of 1,312,800 units. All shares and warrants comprising the units issued pursuant to the transaction are subject to a statutory four month and one day hold period from the date of issue in accordance with applicable Canadian securities laws.