BetterLife Highlights BETR-001 Article in Technology Networks Drug Discovery and Announces Closing of a Private Placement

VANCOUVER, British Columbia, Sept. 05, 2023 (GLOBE NEWSWIRE) -- BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE: BETR / OTCQB: BETRF / FRA: NPAU), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce that Technology Networks Drug Discovery, in its September 1, 2023 issue, has published an article entitled “Exploring the LSD-Derivative With Potential for Treating Mood Disorders”. The article discusses the potential of BetterLife’s lead program BETR-001, a non-hallucinogenic derivative of LSD. BETR-001 is currently undergoing IND-enabling studies and projected to enter human trials in 2024.

BetterLife is also pleased to announce that it has closed a non-brokered private placement pursuant to which the Company issued 2,950,000 units (“Units”) at a price of $0.10 per Unit for aggregate gross proceeds of $295,000 (the “Offering”). Each Unit is comprised of one common share and warrant. Each warrant entitles the holder thereof to acquire one common share at an exercise price of $0.10 at any time up of 24 months from the closing of the Offering. The Units sold pursuant to the Offering will be subject to a four month hold period pursuant to applicable Canadian securities laws. Dr. Ahmad Doroudian, Chief Executive Officer of the Company, subscribed for a total of 1,000,000 Units under the Offering.

The participation of Dr. Doroudian in the private placement constituted a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101“). The issuance to the insider was exempt from the formal valuation requirements of MI 61-101 by virtue of the exemption contained in section 5.5(b) as none of the securities of the Company are listed on a specified stock exchange. The transaction is exempt from the minority shareholder approval requirements of MI 61-101 by virtue of exemption contained in section 5.7(a) of MI 61-101. At the time the transaction was agreed to, neither the fair market value of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of the Company’s market capitalization. The Company did not file a material change report at least 21 days prior to the expected closing of the Offering as Dr. Doroudian’s participation was not determined at that time.