Public Companies
Numinus to Sell C$10M Worth of New Shares Through Equity Program
The exact number of shares to be sold will be determined by Numinus’ financier.
The post Numinus to Sell C$10M Worth of New Shares Through Equity Program…
Vancouver-based psychedelics company Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) on Tuesday announced that it will attempt to raise C$10 million by selling more common shares through an at-the-market equity program.
The exact number of shares to be sold, however, will be determined by Numinus’ financier, Stifel Nicolaus Canada Inc., which holds an “equity distribution agreement” that governs the equity program shares, according to a press release.
The funding mechanism “provides (Numinus) with enhanced flexibility should future additional financing be required, and it may be activated if and as deemed appropriate,” the company said in the release.
Revenue from shares sold will be used “for general corporate purposes (including funding ongoing operations and/or working capital requirements), to repay indebtedness outstanding from time to time, discretionary capital programs and potential future acquisitions,” according to the release.
Based on its recent financials, Numinus likely needs a cash infusion in order to confidently continue operations. In the quarter that ended May 31, Numinus burned through $9.2 million in operating expenditures, posted a net loss of $7.2 million, and was left with $13 million in cash.
Still, the company may be poised for a major breakthrough, if the U.S. Food and Drug Administration gives the green light to its MDMA-assisted therapy next year, as the company hopes.
The post Numinus to Sell C$10M Worth of New Shares Through Equity Program appeared first on Green Market Report.
mdma therapy psychedelics financing shares funding tsx capital numinus wellness numinus-
Psilocybin1 week ago
The Psychedelic Scene in Oaxaca, Mexico
-
Law & Regulation5 days ago
FDA to weigh safety, impact of MDMA therapy for PTSD at June meeting
-
Psychedelics6 days ago
Numinus Wellness Focused on Boosting Profitability and Expanding Community Support
-
Psychedelics6 days ago
MindMed Reports First Quarter 2024 Financial Results and Business Updates
-
Psychedelics1 week ago
Oprah Daily’s Comprehensive Guide to Psychedelics: A Milestone for Industry Acceptance
-
Psychedelics1 week ago
Lophos Pharmaceuticals Corp. Enters Into Letter of Intent to Acquire the Assets of Magicactus.com
-
Psychedelics1 week ago
Lophos Pharmaceuticals Corp. Enters Into Letter of Intent to Acquire the Assets of Magicactus.com
-
Psychedelics1 week ago
Cybin Provides Corporate Update and Highlights Upcoming Clinical Milestones