Mr. Jeffrey Stevens reports

PSYCHED WELLNESS UPSIZES PREVIOUSLY ANNOUNCED BOUGHT DEAL OFFERING

Psyched Wellness Ltd. has agreed to increase the size of its previously announced bought deal private placement led by Canaccord Genuity Corp. The lead underwriter has agreed, on behalf of a syndicate of underwriters, to purchase, on a bought deal private placement basis, an aggregate of 17.75 million units of the company at a price of 31 cents per unit for aggregate gross proceeds to the company of $5,502,500.

Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of 43 cents for a period of 36 months from the closing date, subject to a warrant acceleration right exercisable by the company if, at any time following the date that is four months and one day from the closing date, the daily volume weighted average trading price of the common shares on the Canadian Securities Exchange is greater than 70 cents for the preceding five consecutive trading days.

The company has granted the underwriters an option to purchase up to an additional 3.55 million units at the issue price, exercisable at any time, for a period of 30 days after and including the closing date, which would result in additional proceeds of $1,100,500.

The underwriters are to be paid a commission payable in cash or units equal to 7 per cent of the gross proceeds of the offering and to receive unit purchase warrants of the company equal to 7 per cent of the number of units sold under the offering, with each underwriters' warrant being exercisable to acquire one unit at the issue price for a period of 36 months from the closing of the offering.

The use of proceed will be to fully finance the preclinical trials of the company's Amanita muscaria extract, AME-1, and to continue the company's scientific research of AME-1 and its potential benefits for people suffering from serious mental and physical health issues and for general corporate purposes.

About Psyched Wellness Ltd.

Psyched Wellness is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The company's objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The company is in the process of developing a line of Amanita muscaria-derived, water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.

We seek Safe Harbor.