BetterLife Announces Closing of a Private Placement

Rhea-AI Summary

BetterLife Pharma, a biotech company focused on mental disorder treatments, announced the closure of a non-brokered private placement. The offering, initially announced on June 13, 2024, involved the issuance of 1,750,000 units at $0.10 per unit, raising $175,000 in gross proceeds. Each unit includes one common share and one full warrant, with each warrant allowing the purchase of an additional common share at $0.13 within 24 months. These units will be subject to a four-month hold period under Canadian securities laws.

Positive

• BetterLife raised $175,000 through the private placement.
• Each unit includes a warrant, offering potential for future investment at $0.13 per share.

Negative

• The units are subject to a four-month hold period, restricting immediate liquidity.

VANCOUVER, British Columbia, July 02, 2024 (GLOBE NEWSWIRE) -- BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE: BETR / OTCQB: BETRF / FRA: NPAU), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, announced that it has closed a non-brokered private placement, previously announced on June 13, 2024, pursuant to which the Company issued 1,750,000 units (“Units”) at a price of $0.10 per Unit for aggregate gross proceeds of $175,000 (the “Offering”). Each Unit is comprised of one common share and one full warrant. Each warrant entitles the holder thereof to acquire one common share at an exercise price of $0.13 at any time up to 24 months from the closing of the Offering. The Units sold pursuant to the Offering will be subject to a four month hold period pursuant to applicable Canadian securities laws.

About BetterLife Pharma

BetterLife Pharma Inc. is an emerging biotechnology company primarily focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuro-psychiatric and neurological disorders.

BETR-001, which is in preclinical and IND-enabling studies, is a non-hallucinogenic and non-controlled LSD derivative in development and it is unique in that it is unregulated and therefore can be self-administered. BetterLife’s synthesis patent for BETR-001 eliminates regulatory hurdles and its pending patent, for composition and method of use, covers treatment of major depressive disorder, anxiety disorder and neuropathic pain and other neuro-psychiatric and neurological disorders.

BETR-002, which is in preclinical and IND-enabling studies, is based on honokiol, the active anxiolytic ingredient of magnolia bark. BetterLife’s pending method of use and formulations patent covers treatment of anxiety related disorders including benzodiazepine dependency.

BetterLife also owns a drug candidate for the treatment of viral infections and is in the process of seeking strategic alternatives for further development.

For further information, please visit BetterLife Pharma.

BetterLife Pharma Inc. Contact Information

David Melles, Investor Relations Manager
Email: David.Melles@blifepharma.com
Phone: 1-778-887-1928

Cautionary Note Regarding Forward-Looking Statements

No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

FAQ

What did BetterLife Pharma announce on July 02, 2024?

BetterLife Pharma announced the closing of a non-brokered private placement, raising $175,000.

How much did BetterLife Pharma raise in its recent private placement?

BetterLife Pharma raised $175,000 in its recent private placement.

What is the exercise price for the warrants issued by BetterLife Pharma?

The exercise price for the warrants issued by BetterLife Pharma is $0.13.

What is the stock symbol for BetterLife Pharma?

The stock symbol for BetterLife Pharma is BETRF.

How long is the hold period for the units issued in BetterLife Pharma's private placement?

The units issued in BetterLife Pharma's private placement are subject to a four-month hold period.