Leo Acquisitions and PsyBio Therapeutics Announce the Engagement of Eight Capital as Lead Agent for Private Placement of approximately $5 million

Nachrichtenquelle: globenewswire
26.10.2020, 15:40  |  145   |   |   

Not for distribution to United States newswire services or for dissemination in the United States.

TORONTO, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Leo Acquisitions Corp. (TSXV: LEQ.H) (“Leo” or the “Company”) and PsyBio Therapeutics, Inc. (“PsyBio”) are pleased to provide an update on their previously announced proposed qualifying transaction (the “Transaction”) on the TSX Venture Exchange (the “Exchange”).  All references to dollar amounts in this press release are to Canadian dollars.

Transaction Structure
        
The Transaction will be structured as a three-cornered amalgamation, business combination, share exchange, plan of arrangement, or other similarly structured transaction as may be agreed upon by the parties, and accepted by the Exchange and pursuant to the terms and conditions to be contained in a definitive agreement to be negotiated between the parties (the “Definitive Agreement”). References herein to the “Resulting Issuer” refer to Leo following the completion of the Transaction.

Immediately prior to the Transaction, each issued and outstanding common share of Leo (each, a “Leo Share”) will be consolidated at a ratio to be determined by the parties pursuant to the terms of the Definitive Agreement (the “Consolidation”). In order to facilitate the Transaction, it is also anticipated that Leo will amend its articles (the “Article Amendments”) to reclassify its common shares on a post-Consolidation basis as subordinate voting shares (the “Subordinate Voting Shares”) and to create a class of multiple voting shares (the “Multiple Voting Shares”). In connection with the Transaction, it is intended that the shareholders of PsyBio will receive Subordinate Voting Shares or Multiple Voting Shares of the Resulting Issuer, or a combination thereof, in exchange for all of the issued and outstanding shares of common stock of PsyBio (the “PsyBio Shares”), at a ratio to be determined by the parties (the “Exchange Ratio”). On the closing of the Transaction, any options, warrants or other convertible securities of PsyBio, or rights to acquire PsyBio Shares, will be exchanged in accordance with the applicable Exchange Ratio for similar securities to purchase Subordinate Voting Shares or Multiple Voting Shares, as the case may be.

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Leo Acquisitions and PsyBio Therapeutics Announce the Engagement of Eight Capital as Lead Agent for Private Placement of approximately $5 million Not for distribution to United States newswire services or for dissemination in the United States. TORONTO, Oct. 26, 2020 (GLOBE NEWSWIRE) - Leo Acquisitions Corp. (TSXV: LEQ.H) (“Leo” or the “Company”) and PsyBio Therapeutics, Inc. (“PsyBio”) …

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