VANCOUVER, British Columbia, Dec. 07, 2022 (GLOBE NEWSWIRE) — BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE:BETR) is pleased to announce that it has closed a non-brokered private placement (the “Offering”) by issuing 3,160,000 common shares at a price of USD$0.15 per common share for gross proceeds of USD$474,000. The common shares issued pursuant to the Offering are subject to a hold period under applicable securities laws, which hold period expires four months and a day following the date of issuance. BetterLife will use the proceeds for working capital purposes and for advancement of pre-clinical and clinical programs. Negev Capital and certain European-based investors participated in the Offering.
“We are delighted to support BetterLife in the development of promising second generation psychedelics that have significant clinical advantages for neuropsychiatric conditions. Indeed, in the race to an at-home (i.e. non trip-inducing) medication, they are in the lead. With excellent IP, a solid team, and a well-crafted strategy, BetterLife is poised to succeed,” said Ken Belotsky, Partner at Negev Capital.
Concurrently, BetterLife announces that its convertible debtholder has converted the full outstanding amount of the debt to common shares of the Company. The principal amount (C$250,000) and accrued interest (C$58,027) have been converted at an agreed conversion price of C$0.20 per share. As a result, the Company has issued 1,540,135 common shares upon conversion.
“We are extremely pleased to have such strategic investment from Negev Capital. Investments from groups, such as Negev, provide strategic support and significant confirmation of our plans for the development of BETR-001 for the treatment of mental health disorders,” said …