Cubed Biotech announces Special Warrant Raise
Cubed provides plans for a $5 million dollar Special Warrant Raise
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, April 20, 2022 /CNW/ - Cubed Biotech Inc. ("Cubed" or the "Company"), a future psychedelic biotech manufacturing company, is pleased to announce that we have entered into an engagement letter with INFOR Financial Inc. ("INFOR Financial") to conduct a private placement on a commercially reasonable efforts agency basis to raise up to $5 million through the issuance of special warrants (the "Special Warrants") at a price of $0.65 per Special Warrant (the "Offering"). INFOR Financial and Haywood Securities Inc. ("Haywood Securities"), two of Canada's leading independent investment banks, are acting as co-lead agents and joint bookrunners in connection with the Offering.
Each Special Warrant will be exercisable into one unit, each comprised of one Class A common share (each, a "Unit Share") and one-half of one Class A common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is expected to be exercisable into one Class A common share at an exercise price of $0.75 for a period of 36 months from the date of issuance thereof. The Special Warrants will be automatically exercised on the date that is the earlier of: (i) the third business day following the date on which a final prospectus (the "Qualification Prospectus") is filed with and a receipt (or deemed receipt) is issued therefor; and (ii) the date that is four months and one day following the closing date. In the event that a receipt for the Qualification Prospectus has not been issued on the date that is 120 days following the closing date, each Special Warrant will entitle the holder to receive 1.2 units per Special Warrant.
"We are proud & excited about this key inflection point of our business. Effective immediately, we will begin to market the Offering and work towards the completion of audited financial statements and appointment of new key board members. Having a financial advisor like INFOR Financial that has backed us since inception, alongside Haywood Securities as the co-lead agents gives the Board of Directors a great deal of confidence as we approach operational milestones like commercialization, regulatory approvals and completion of construction on our cGMP manufacturing facility. A very special "Thank You!" must go out to all our 200+ shareholders who have supported us to date".
- Anthony Rossi, President
Cubed Biotech is a Canadian company that intends to develop & produce psychedelic medicine inspired by historical ethnobotany to disrupt the current treatments of mental illness & addiction. Subject to required regulatory approvals and exemptions, the Company intends to cultivate, extract and also synthesize natural entheogens (Psilocybin from Mushrooms, Mescaline from Cacti, and Ayahuasca's DMT & MAO-inhibitors), manufacture pharmaceutical mental-health & addiction medicines and develop its own proprietary compound through clinical trials for pharmaceutical-grade distribution and commercialization.
Please visit www.cubedbiotech.com for more information or contact:
This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding the Company's future intentions and business; the proposed terms of the Special Warrant offering; the completion of the Company's audited financial statements; the appointment of new board members; upcoming operational milestones, including commercialization, regulatory approvals and completion of construction on the Company's facility; the Company's planned research & development; the Company's development of its IP portfolio; and expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the Company's limited operating history; speculative nature of investment risk; future capital needs and uncertainty of additional financing; early stage of the industry and development; regulatory risks and uncertainties; general healthcare regulation; permits and licenses; limited products; limited marketing and sales capabilities; promoting the brand; challenging global financial conditions; COVID-19 pandemic; uncertain use of proceeds; risks of the drug development process; safety and efficacy of products; delays in clinical testing; completion of clinical trials; no assurance of commercial success; inability to obtain regulatory approval; unfavourable publicity or consumer perception; social media; biotechnology and pharmaceutical market competition; reliance on scientific and clinical collaboration; retention and acquisition of skilled employees; business expansion and growth; negative results from clinical trials or adverse safety events; the novelty of the psychedelic-inspired medicines industry; product liability claims; enforcing contracts; product recalls; difficulty to forecast; product viability; success of quality control systems; reliance on key inputs; distribution and supply chain interruption; ability to continue research using psilocybin; ability to generate profits; management of a public company; requirements of a public company; estimates or judgements relating to critical accounting policies; conflicts of interest; litigation; fraudulent or illegal activity by employees, contractors and consultants; protection of intellectual property; third-party licenses; infringement of third-party intellectual property rights; market price and volatile securities markets; payment of dividends; and cybersecurity and privacy risk. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
SOURCE Cubed Biotech Inc.
Adam Coape-Arnold, Chief Executive Officer, Cubed Biotech Inc., [email protected], 514.592.0296; For Investment Inquiries, please contact: Anthony Rossi, President, Cubed Biotech Inc., [email protected], 416.931.4476
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