On January 26, 2022, Novamind Inc. closed the transaction. The company issued 4,750,000 common shares, 7,750,000 common share equivalents (consisting of pre financed warrants exercisable into common shares) and warrants to purchase up to an aggregate of 12,500,000 common shares, at a purchase price of CAD 0.40 per common share and associated warrant. Each warrant entitles the holder to purchase common shares at an exercise price of CAD 0.40 per common share at any time on or prior to January 26, 2027.

No securities were offered or sold to Canadian residents in connection with the private placement.