Novamind Closes Oversubscribed CAD$10 Million Private Placement

Ryan Allway

November 23rd, 2020


Hinterland Metals Inc. (”Hinterland”) and Novamind Ventures Inc. (”Novamind” or the ”Company”), a leading mental health and wellness company specialized in psychedelic-assisted psychotherapy, today announced that Novamind has closed an oversubscribed private placement of subscription receipts (the ”Financing”), raising aggregate gross proceeds of CAD$10.0 million, twice the original CAD$5.0 million target. With this latest round, Novamind has raised a total of CAD$15.3 million since its inception in 2019.

“The overwhelming support from new and existing shareholders and the interest we received from institutional and retail investors are a testament to the strength of our team, our business model and our opportunities for growth,” said Yaron Conforti, Chief Executive Officer and Director of Novamind. “The close of this $10 million round and our anticipated CSE listing are important milestones that will enable us to execute our business plan from a position of strength. Novamind is well capitalized to grow its network of outpatient mental health clinics and clinical research sites, both organically and through acquisitions, with the goal of expanding patient access to alternative mental health treatments, including psychedelic-assisted psychotherapy.”

Novamind’s acquisition and investment strategy began in 2019 with its investment in the Synthesis Institute, a renowned legal psilocybin retreat in the Netherlands. Novamind later announced the acquisition of Utah-based Cedar Psychiatry LLC, which has administered over 3,000 ketamine-assisted psychotherapy treatments since 2016 and is widely recognized as a leader in psychedelic-assisted psychotherapy. In the same transaction, Novamind also acquired Cedar Clinical Research LLC, a dedicated clinical research organization (CRO) with a track record for leading clinical trials and research studies for psychedelic medicines.

On November 17th, 2020, Novamind and Hinterland announced the completion of a definitive amalgamation agreement, pursuant to which Novamind will complete a reverse takeover transaction (the ”Transaction”) with Hinterland with the combined company to be named Novamind Inc. (the ”Resulting Issuer”). The parties expect the Resulting Issuer to begin trading on the Canadian Securities Exchange (the ”CSE”) under the ticker symbol “NM” upon completion of the Transaction, which remains subject to customary conditions, including shareholder approval and the approval of the CSE.

In connection with the Financing, Novamind issued 10,000,000 subscription receipts (”Subscription Receipts”) at a price of CAD$1.00 per Subscription Receipt. Each Subscription Receipt will entitle the holder to receive one common share of the Resulting Issuer. The gross proceeds of the Financing are held in escrow with an escrow agent pending the satisfaction or waiver of all conditions to the completion of the Transaction and conditional listing approval of the CSE.

About Novamind
Founded in 2019, Novamind is building a global network of infrastructure to serve the regulated psychedelics industry. With our wholly-owned subsidiaries, Cedar Psychiatry and Cedar Clinical Research, Novamind is dedicated to providing access to safe and legal psychedelic experiences, while advancing research for psychedelic medicine.

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Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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