Tryp Therapeutics Inc. announced a private placement of unsecured convertible debentures for gross proceeds of up to AUD 175,000 on October 4, 2023. The debentures will have a term of 12 months and will be interest free. The debentures shall automatically convert into common shares in the capital of the company on the earlier of the maturity date or the time the company is completing a liquidity event.

The price at which the debentures will be converted into common shares will vary depending on various scenarios as set out in the debenture and at a conversion price fixed in accordance with CSE policies. Closing of the private placement is anticipated to occur on or about October 11, 2023, and is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. The Debentures and the underlying common shares will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.