Psyence Group Inc. announced a private placement to issue 1,056,441 common shares at an issue price of CAD 0.12 per share for the gross proceeds of CAD 126,772.92 on August 21, 2023. The company issued 17,691 common shares a price of CAD 0.12 per common share for the gross proceeds of CAD 2,122.92 as payment of a finder's fee. This brings the total amount that the Company has raised pursuant to the previously announced non-brokered private placement to CAD 4,400,000.

The securities in the Private Placement will be subject to a hold period under applicable securities laws of four-months and a day.