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Mydecine Innovations Group Inc (2)
Symbol	MYCO
Shares Issued	52,567,458
Close 2024-02-05	C$ 0.015
Market Cap	C$ 788,512
Recent Sedar Documents

Mydecine to issue 2.61M shares for debt of $52,370

2024-02-05 03:03 ET - News Release

Subject: Mydecine Innovations Group Inc. Word Document File: '\\swfile\EmailIn\20240205 210642 Attachment PR re Debt Settlement.docx' Page 1 of 3 Page 2 of 2 MYDECINE INNOVATIONS GROUP INC. ANNOUNCES SHARE FOR DEBT SETTLEMENT VANCOUVER, BC - (theNewsWire - February 5, 2024) Mydecine Innovations Group Inc. (CSE: MYCO) (FSE: 0NFA), (OTC: MYCOF) (the "Company" or "Mydecine") announced that it has entered into a debt settlement agreement (the "Settlement Agreement") to partially settle outstanding debts owed to a creditor (the "Creditor") for legal services rendered. Pursuant to the Settlement Agreement, the Company has agreed to issue an aggregate of 2,618,543 common shares ("Shares") at a deemed price of $0.02 per Share, based on a 20-day VWAP (the "Share Settlement"). The Company anticipates closing the Share Settlement on or about February 12, 2024. The Share Settlement will settle $52,370.86 in debts owed to the Creditor, which is partial settlement for the total amount of bona fide debts owed to the Creditor. The board of directors of the Company has determined that it is in the best interests of the Company to settle the outstanding debts by the issuance of the Shares in order to preserve the Company's cash for working capital. The Company will be relying on the "Employee, Executive Officer, Director and Consultant" exemption contained in section 2.24 (the "Exemption") of National Instrument 45-106 - Prospectus Exemptions, to issue the Shares to the Creditor. The Canadian Securities Exchange has waived the requirement to impost a 4 month and one day hold period on the Shares. About Mydecine Innovations Group Inc. Mydecine Innovations Group(TM) 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. Learn more at: https://www.mydecine.com/ and follow the company on Twitter, LinkedIn, YouTube, and Instagram. For more information, please contact: Media Contact pr@mydecineinc.com Investor Relations investorrelations@mydecineinc.com On behalf of the Board of Directors Joshua Bartch, Chief Executive Officer contact@mydecineinc.com 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/. 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 the Share Settlement. 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.