Scythian Biosciences Corp. Announces Increase to Bought Deal Financing With Serruya Private Equity and the Delavaco Group as Other Strategic Investors

TORONTO, ONTARIO--(Marketwired - Jan. 17, 2018) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Scythian Biosciences Corp. (TSX VENTURE:SCYB) (the "Company") is pleased to announce today that, due to strong demand, it has agreed with Clarus Securities Inc., on behalf of a syndicate of underwriters (collectively, the "Underwriters"), to increase the size of its previously announced C$10,001,220 "bought deal" offering. Pursuant to the upsized deal terms, the Underwriters have agreed to purchase, on a "bought deal" basis 672,125 units of the Company (the "Units") of the Company at a price of C$18.60 per Unit (the "Offering Price") for aggregate gross proceeds to the Company of C$12,501,525 (the "Offering"). Each Unit will be comprised of one common share of the Company (a "Unit Share") and one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a "Warrant Share") at a price of C$22.00 for a period of 24 months following the Closing Date (as defined below).

The Company has also agreed to grant the Underwriters an over-allotment option to purchase an additional 100,818 Units at the Offering Price, exercisable in whole or in part, for a period ending 30 days from and including the Closing Date. In the event the over-allotment option is exercised in full, the aggregate gross proceeds of the Offering will be approximately C$14,376,739.

In addition, the Company intends to increase the size of its previously announced C$10,001,220 concurrent brokered private placement of C$10,001,220 to Aphria. Pursuant to the upsized deal terms, the Underwriters have agreed to purchase, on a "bought deal" basis, 672,125 units for additional gross proceeds of C$12,501,525. The Company will also grant the Underwriters an option to purchase an additional 100,818 Units, exercisable in whole or in part, at any time prior to 48 hours before the Closing Date. In the event this option is exercised in full, the aggregate gross proceeds of the concurrent private placement will be approximately C$14,376,739.