BETTERLIFE PHARMA ANNOUNCES CLOSING OF $2.9 MILLION PRIVATE PLACEMENT OFFERING

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VANCOUVER, BC, Dec. 02, 2020 (GLOBE NEWSWIRE) -- BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE: BETR) (OTCQB: BETRF) (FRA: NPAT), an emerging biotech company, is pleased to announce that it has closed its previously announced private placement offering of special warrants of the Company (the “Special Warrants”), pursuant to which the Company issued  5,889,735 Special Warrants at a price of $0.50 per Special Warrant, for aggregate gross proceeds of $2,944,867.50 (the “Offering”). The Offering was led by Mackie Research Capital Corporation as lead agent and sole bookrunner (the “Lead Agent”), on behalf of a syndicate, including Haywood Securities Inc. (collectively, the “Agents”).

Each Special Warrant is exercisable, for no additional consideration, into one unit of the Company (each, a “Unit”), with each Unit consisting of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share”) at an exercise price of $0.60 per Warrant Share, for a period of 36 months after the closing of the Offering (the “Closing”).

All unexercised Special Warrants will automatically be exercised on the day (the “Qualification Date”) that is the earlier of (i) four (4) months and a day following the Closing, and (ii) as soon as reasonably practicable, and in any event no later than the third (3^rd) Business Day, after a receipt is issued for the Final Prospectus qualifying the distribution of the Units underlying the Special Warrants and the Units underlying the Compensation Options (as defined below) granted to the Agents (the “Compensation Option Units”).

The net proceeds raised under the Offering will be used for working capital and general corporate purposes.

The Company will use its reasonable commercial efforts to prepare and file with each of the securities regulatory authorities in each of the provinces of Canada, except Quebec, in which the of Special Warrants are sold (the “Jurisdictions”) and obtain a receipt for, a preliminary short form prospectus and a final short form prospectus (the “Final Prospectus”), qualifying the distribution of the Units underlying the Special Warrants and the Compensation Option Units, in compliance with applicable securities law, within forty (40) days from the Closing. In the event that the Company has not received a receipt for the Final Prospectus within forty (40) days following the Closing, each unexercised Special Warrant will thereafter entitle the holder thereof to receive upon the exercise thereof, at no additional consideration, one-and-one-tenth (1.10) Unit (instead of one Unit) and thereafter at the end of each additional thirty (30) day period prior to the Qualification Date, each Special Warrant will be exercisable for an additional 0.02 of a Unit.