Mydecine Innovations Group Announces Closing Under Share Subscription Agreement and Welcomes New CFO

Mydecine Innovations Group Inc. (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 with a third-party investor dated August 26, 2022 and the subsequent filing of a shelf 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 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 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.

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).

Mydecine Innovations Group™ 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.