Psyched Wellness Ltd. announced a non-brokered private placement of 145,960,714 units at a price of CAD 0.07 per unit for the gross proceeds of CAD 10.217250 million on May 28, 2023. Each unit will be comprised of one common share and one common share purchase warrant. The transaction was co-led by new investors, Gotham Green Fund III, L.P., GOTHAM GREEN FUND III (Q), L.P., a funds managed by Gotham Green Partners, LLC.

Each warrant will entitle the holder thereof to acquire one additional Common Share at a price of CAD 0.10 per additional share at any time for a period of sixty months from the date of issuance. All securities issued under the offering will be subject to: (i) a four (4) month and one (1) day hold period from the date of issuance. The transaction is expected to close on June 5, 2023.

The transaction is expected to close in two different tranches, initial tranche will be for CAD 681,150 and second tranche will be for CAD 9,536,100.