Mydecine Innovations Group Files Prospectus Supplement, Announces Closing Under Share Subscription Agreement and Provides Update on Its Board of Directors

VANCOUVER, British Columbia, May 29, 2023 (GLOBE NEWSWIRE) -- Mydecine Innovations Group Inc. (“Mydecine” or the “Company”) (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, is pleased to announce that, in connection with its previously announced Common Share Subscription Agreement (the “Subscription Agreement”) with a third-party investor (the “Investor”) dated March 10, 2023, the Company has filed a shelf prospectus supplement (the “Prospectus Supplement”) to the Company’s Final Short Form Base Shelf Prospectus for the province of Québec and Amended and Restated Final Short Form Base Shelf Prospectus for each of the provinces of Canada, dated January 28, 2022 (together, the “Shelf Prospectus”).

The Prospectus Supplement is the second supplement filed in connection with the Subscription Agreement and provides, among other things, that the Company is qualifying the distribution of up to 15,151,515 common shares (each a “Share”) in the capital of the Company to the Investor at a price of $0.33 per Share for aggregate gross proceeds of up to $5,000,000.

The Company also announced today the closing of the first tranche of the first issuance under the Subscription Agreement (the “Offering”). The Offering resulted in the issuance of 1,515,151 Shares at a price of $0.33 per Share for aggregate gross proceeds of $500,000. The distribution of such Shares is qualified by the Prospectus Supplement. The Company will use the proceeds of the Offering as described in the Prospectus Supplement.

The Prospectus Supplement and Base Shelf Prospectus are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

The Company also announced that Mr. Todd Heinzl has been re-appointed to the board of directors of the Company. Mr. Heinzl previously resigned as a director of the Company on April 3, 2023 to pursue other endeavors.

Mr. Heinzl holds over 30 years of experience in the investment, merchant banking, and financial services industry. In recent years, Mr. Heinzl, as a consulting professional, has integrated the governance, a mandatory component, and management of the process of listing companies on a senior stock exchange such as NASDAQ largely known as Governance as a Service. Sector agnostic, Mr. Heinzl works with companies from a variety of industries to facilitate maturity within their stock listings in an orderly, precise, and compliant 7 process. Senior stock exchanges such as NASDAQ Capital Market, NEO Exchange, London Stock Exchange are increasingly demanding and rigorous oversight regarding the listing requirements of the issuers thereby making exchange experience invaluable. The Company welcomes Mr. Heinzl back to the board of directors.