Vancouver, B.C. –  December 30, 2020: NeonMind Biosciences Inc. (CSE: NEON) (“NeonMind” a psychedelic drug development company, is pleased to announce that it has successfully completed the maximum offering for its initial public offering (the “IPO”) of 46,000,000 units at a price to the public of $0.10 per unit (the “Units”), which includes the exercise in full of the agents’ over-allotment option to purchase 6,000,0000 additional Units. All of the Units were offered by  NeonMind. The gross proceeds from the offering, before deducting agent fees and estimated offering expenses, were $4.6 million.  Trading of NeonMind’s common shares on the Canadian Securities Exchange (the “Exchange”) will commence at market open on Monday, January 4, 2020 under the ticker symbol “NEON”.

Each of the Units consisted of one common share of NeonMind and one share purchase warrant to purchase one additional NeonMind common share at a price of $0.20 per share for a period of 12 months from the closing of the IPO.

Pursuant to an agency agreement, Mackie Research Capital Corporation (the “Agent“) acted as agent for NeonMind in connection with the  IPO.  NeonMind paid the Agent and members of its selling group a cash commission equal to 10% of the gross proceeds of the IPO. NeonMind granted the Agent and members of its selling group non-transferable warrants to purchase up to an aggregate of 4,600,000 units in NeonMind for $0.10 per unit until December 29 2022, with each unit consisting of one common share of NeonMind and one share purchase warrant to purchase one additional NeonMind common share at a price of $0.20 per share for a period of 2 years from issuance of the warrant. NeonMind also paid the Agent a corporate finance fee of $45,000 plus GST, and reimbursed the Agent for its legal fees and reasonable expenses.

NeonMind expects to use the proceeds from the IPO to complete its preclinical trial using psilocybin and complete protocols for its planned phase 2 human clinical trial,  as well as to market its recently launched line of functional mushroom coffees.

After completion of the IPO, NeonMind now has 112,430,500 common shares issued and outstanding on a non-diluted basis.


About NeonMind Biosciences Inc.

NeonMind is a psychedelic drug development company. Its first drug candidate involves the administration of psilocybin (a complex organic compound found in psychedelic mushrooms) as a treatment for obesity and related illnesses for which NeonMind has started a preclinical trial at the University of British Columbia. According to the World Health Organization, obesity is an epidemic that is responsible for 37% of the global burden of disease.  NeonMind has filed 5 US provisional patent applications claiming methods of aiding in weight loss, treating compulsive eating disorder, treating obesity or a complication of obesity,  and/or altering the diet of an individual by administering psilocybin and/or other psychedelic  compounds or their analogs or by administering psilocybin or its analog in conjunction with therapy or other treatments. NeonMind is also pursuing commercialization of its catalogue of  proprietary functional mushroom product formulas. It recently launched a collection of 4 mushroom infused coffees under the NeonMind brand which are infused with functional mushrooms Lion’s Mane, Turkey Tail, Reishi and Cordyceps.


Investor Relations Contact:

Penny White, President & CEO

The Exchange has not reviewed, approved or disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or NeonMind’s  future performance. The use of any of the words “could”, “expect”, “believe”, “will”, “projected”,”estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on NeonMind’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, NeonMind’s stated use of proceeds and its expectation as to the resumption of trading of its common shares on the Exchange constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. NeonMind disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

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