Field Trip Health Announces Upsize to Previously Announced Bought Deal Public Offering

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

TORONTO, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Field Trip Health Ltd. (CSE: FTRP; FTRP.WT; OTCQX: FTRPF) ("Field Trip"), a leader in the development and delivery of psychedelic therapies, is pleased to announce today that, due to strong demand, it has agreed with a syndicate of underwriters led by Bloom Burton Securities Inc. (collectively, the "Underwriters"), to increase the size of its previously announced C$50,000,015 “bought deal” offering of common shares. Pursuant to the upsized deal terms, the Underwriters have agreed to purchase, on a “bought deal” basis, 12,750,000 common shares of Field Trip (“Common Shares”), at a price of C$6.50 per Common Share (the “Issue Price”), for aggregate gross proceeds of $82,875,000 (the “Offering”).

Field Trip intends to use the net proceeds from the Offering for the ongoing development of the “FT-104” novel psychedelic development program, the opening of new Field Trip Health centers, and for working capital and general corporate purposes.

Field Trip has granted the Underwriters an option (the "Over-Allotment Option"), exercisable in whole or in part at any time on or up to 30 days after the closing of the Offering, to purchase, up to an additional number of Common Shares equal to 15% of the number of Common Shares sold pursuant to the Offering at the Issue Price to cover over-allotments, if any, and for market stabilization purposes. In the event that the Over-Allotment Option is exercised in its entirety, the aggregate gross proceeds of the Offering will be $95,306,250.

The Common Shares will be offered by way of a short form prospectus to be filed in each of the Provinces of Canada, other than Quebec, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions and by private placement to eligible purchasers resident in jurisdictions other than Canada that are mutually agreed by the Field Trip and Bloom Burton, provided that no prospectus filing or comparable obligation arises and the Field Trip does not therefore become subject to continuous disclosure obligations in such jurisdiction.

The offering is scheduled to close on or about March 16, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Canadian Securities Exchange and the securities regulatory authorities.

The Common Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "1933 Act") and may not be offered or sold in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. The Common Shares may be offered in the United States to Qualified Institutional Buyers (as defined in Rule 144A under the 1933 Act) pursuant to exemptions from the registration requirements under rule 144A of the 1933 Act and to "accredited investors" as such term is defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the 1933 Act. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.