Tryp Therapeutics Raises $1.6 Million Through Oversubscribed Private Placement
Tryp Therapeutics Inc. TRYPF TRYP, a clinical-stage biotechnology company focused on the development of intravenous infusion psilocin (the active metabolite of psilocybin) for the diseases to unmet medical needs, closed its private placement of secured convertible debentures for aggregate gross proceeds of A$2.4 million ($1.6 million), representing an oversubscription of A$400,000 above of its minimum investment of A$2 million. Westar Capital Limited acted as lead manager for the private placement pursuant to the terms of an engagement letter between Westar and the company.
Proceeds of the private placement will be used to advance Tryp's research and development programs and for general working capital purposes.
The Private Placement constitutes a "related party transaction" as that term is defined in National Instrument 61-101 Protection of Minority Security Holders in Special Transactions as director of the company participated in the private placement, acquiring an aggregate principal amount of AU$100,000 of debentures on the same basis as the other subscribers. In addition, this same director is entitled to receive certain fees from Westar in connection with the private placement and the transactions contemplated in the engagement agreement.
Early warning
In accordance with National Instrument 62-103 - The Early Warning System and Issues Related to Takeover Bids and Insider Reporting, Dr. William Garner will file an early warning report regarding the change in his ownership and control of the company's securities.
Prior to the Common Share Acquisition, Dr. Garner beneficially owned or exercised control or direction of 38.4 million Common Shares and 10 million warrants, representing approximately 39.85% and 50.22% of the issued and outstanding common shares on a non-diluted and partially diluted basis, respectively. Dr. Garner acquired A$1.2 million aggregate principal amount of debentures under the private placement. Following the closing of the private placement, Dr. Garner beneficially owns or exercises control or direction over 38.4 million ordinary shares, 10 million warrants and A$1.2 million aggregate capital of debentures, representing approximately 39.85% of the issued and outstanding common shares. shares on a non-diluted basis and, assuming the debentures convert at a price of C$0.09/share, 64.05% of the issued and outstanding common shares on a partially diluted basis assuming Dr. Garner exercised all of its warrants and converted all of its debentures and no other holder of convertible securities has exercised or converted any of its securities.
Photo by Giorgio Trovato on Unsplash
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Tryp Therapeutics Inc. TRYPF TRYP, a clinical-stage biotechnology company focused on the development of intravenous infusion psilocin (the active metabolite of psilocybin) for the diseases to unmet medical needs, closed its private placement of secured convertible debentures for aggregate gross proceeds of A$2.4 million ($1.6 million), representing an oversubscription of A$400,000 above of its minimum investment of A$2 million. Westar Capital Limited acted as lead manager for the private placement pursuant to the terms of an engagement letter between Westar and the company.
Proceeds of the private placement will be used to advance Tryp's research and development programs and for general working capital purposes.
The Private Placement constitutes a "related party transaction" as that term is defined in National Instrument 61-101 Protection of Minority Security Holders in Special Transactions as director of the company participated in the private placement, acquiring an aggregate principal amount of AU$100,000 of debentures on the same basis as the other subscribers. In addition, this same director is entitled to receive certain fees from Westar in connection with the private placement and the transactions contemplated in the engagement agreement.
Early warning
In accordance with National Instrument 62-103 - The Early Warning System and Issues Related to Takeover Bids and Insider Reporting, Dr. William Garner will file an early warning report regarding the change in his ownership and control of the company's securities.
Prior to the Common Share Acquisition, Dr. Garner beneficially owned or exercised control or direction of 38.4 million Common Shares and 10 million warrants, representing approximately 39.85% and 50.22% of the issued and outstanding common shares on a non-diluted and partially diluted basis, respectively. Dr. Garner acquired A$1.2 million aggregate principal amount of debentures under the private placement. Following the closing of the private placement, Dr. Garner beneficially owns or exercises control or direction over 38.4 million ordinary shares, 10 million warrants and A$1.2 million aggregate capital of debentures, representing approximately 39.85% of the issued and outstanding common shares. shares on a non-diluted basis and, assuming the debentures convert at a price of C$0.09/share, 64.05% of the issued and outstanding common shares on a partially diluted basis assuming Dr. Garner exercised all of its warrants and converted all of its debentures and no other holder of convertible securities has exercised or converted any of its securities.
Photo by Giorgio Trovato on Unsplash
Related News
EXCLUSIVE: In Reinventing Mental Health & Next-Gen Psychedelics, "Access and clinical data are key"
Mass General Hospital therapists prepare to help IBS patients with psilocybin therapy
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