MYDECINE INNOVATIONS GROUP ANNOUNCES CLOSING UNDER SHARE SUBSCRIPTION AGREEMENT AND WELCOMES NEW CFO

DENVER, Sept. 23, 2022 /CNW/ - Mydecine Innovations Group Inc. ("Mydecine" or the "Company") (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, is pleased to announce that, in connection with its previously announced Common Share Subscription Agreement (the "Subscription Agreement") with a third-party investor dated August 26, 2022 and the subsequent filing of a shelf prospectus supplement (the "Prospectus Supplement") in connection therewith on September 7, 2022, the Company has closed the second tranche of the first issuance under the Subscription Agreement (the "Offering"). The Company is also pleased to announce the appointment of John Ross as its Chief Financial Officer (CFO).

The Offering resulted in the issuance of 877,193 common shares in the capital of the Company ("Shares") at a price of $0.57 per Share for aggregate gross proceeds of $500,000. The distribution of the Shares is qualified by the Prospectus Supplement.

The Company will use the proceeds of the Offering as described in the Prospectus Supplement. The Prospectus Supplement and Base Shelf Prospectus are available on the Company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Mydecine's board and management team are pleased to welcome John Ross, a senior financial management professional with more than 30 years of private and public company experience. He is currently the interim CEO (since May 2019) and CFO (Since February 2017) of Hempco Food and Fiber Inc. (TSXV), part time CFO of U3O8 Corp. (TSX) since June 2010, and part-time CFO of Buccaneer Gold Corp. (since September 2016).

"In biotech, the ability to access capital in all forms is very important. One promising avenue right now is partnerships," said Chief Executive Officer Josh Bartch. "We want both parties to realize the ultimate value of the partnership and products being developed."

Mr. Ross holds a Master of Business Administration degree from the University of Western Ontario which he received in 1984, and he obtained his chartered accountant designation in 1987.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group™ (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is a biotechnology company developing the next generation of innovative medications and therapies to address mental health disorders such as nicotine addiction and post-traumatic stress disorder (PTSD). The core strategy blends advanced technology with an elaborate infrastructure for drug discovery and development. Mydecine's dedicated multinational team constantly develops new paths for breakthrough treatment solutions in areas with considerable unmet needs. By collaborating with some of the world's leading specialists, the Company aspires to responsibly speed up the development of breakthrough medications to provide patients with safer and more effective treatment solutions. At the same time, Mydecine's approach focuses on the next generation of psychedelic medicine by creating innovative compounds with unmatched therapeutic potential through its clinical trial efforts with world-class scientific and regulatory expertise. Founded in 2020, Mydecine is based out of Colorado, USA, with extended offices in Alberta, Canada, and Leiden, Netherlands.

Learn more at: https://www.mydecine.com/ and follow us on Facebook, Twitter, and Instagram.

Forward-Looking Statements

Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "anticipates," "continue," "estimate," "believe" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, the closing of the Offering. Readers  are  cautioned  that  these  forward-looking  statements  are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to  differ  materially  from  those  expected.  Although  the  Company  has  attempted  to  identify  important factors  that  could  cause  actual  results  to  differ  materially  from  those  contained  in  forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.

The forward-looking information set forth herein reflects the Company's reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

SOURCE Mydecine Innovations Group Inc.

Media Contact: [email protected]; Investor Relations: [email protected]; On behalf of the Board of Directors: Joshua Bartch, Chief Executive Officer, [email protected]; For further information about Mydecine, please visit the Company's profile on SEDAR at https://sedar.com/ or visit the Company's website at https://www.mydecine.com/.