MYDECINE
INNOVATIONS GROUP INC.
ANNOUNCES
SHARE FOR DEBT SETTLEMENT
VANCOUVER, BC - (21 March
2024) Mydecine
Innovations Group Inc. (CSE:
MYCO) (FSE: 0NFA), (OTC: MYCOF) (AQSE: MYIG) (the
"Company"
or "Mydecine")
announced that it has entered into a debt settlement agreement (the
"Settlement
Agreement") to
partially settle outstanding debts owed to a creditor (the
"Creditor")
for legal services rendered. Pursuant to the Settlement Agreement,
the Company has agreed to issue an aggregate of 2,941,176 common
shares ("Shares")
at a deemed price of $0.017 per
Share, based on a 20-day VWAP (the "Share
Settlement"). The
Company anticipates closing the Share Settlement on or about
27 March 2024. The Share Settlement
will settle $50,000.00 in debts owed
to the Creditor, which is partial settlement for the total amount
of bona fide debts owed to the Creditor.
The board
of directors of the Company has determined that it is in the best
interests of the Company to settle the outstanding debts by the
issuance of the Shares in order to preserve the Company's cash for
working capital.
The
Company will be relying on the "Employee, Executive Officer,
Director and Consultant" exemption contained in section 2.24 (the
"Exemption")
of National Instrument 45-106 - Prospectus
Exemptions, to issue
the Shares to the Creditor.
The
Directors of Mydecine take responsibility for this
announcement.
This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Mydecine
Innovations Group™ is a biotechnology company developing the next
generation of innovative medications and therapies to address
mental health disorders such as nicotine addiction and
post-traumatic stress disorder (PTSD). The core strategy blends
advanced technology with an elaborate infrastructure for drug
discovery and development. Mydecine's dedicated multinational team
constantly develops new paths for breakthrough treatment solutions
in areas with considerable unmet needs. By collaborating with some
of the world's leading specialists, the Company aspires to
responsibly speed up the development
of
breakthrough
medications
to
provide
patients with
safer
and
more
effective
treatment
solutions.
At the
same
time,
Mydecine's
approach
focuses
on
the
next
generation
of
psychedelic
medicine
by
creating
innovative compounds with unmatched therapeutic potential through
its clinical trial efforts with world-class scientific and
regulatory
expertise.
Learn
more
at:
https://www.mydecine.com/ and
follow
the
company
on
Twitter,
LinkedIn,
YouTube,
and
Instagram.
For
more
information,
please
contact:
Media
Contact
pr@mydecineinc.com
Investor
Relations
investorrelations@mydecineinc.com
On
behalf
of
the
Board
of
Directors
Joshua
Bartch,
Chief
Executive
Officer
contact@mydecineinc.com
AQSE
Corporate Advisor
Novum
Securities Limited Tel:
+44 (0)207 399 9400
David Coffman/ George
Duxberry
For
further
information
about
Mydecine,
please
visit
the
Company's
profile
on
SEDAR
at
https://sedar.com/ or
visit the
Company's website at
https://www.mydecine.com/.
Forward-Looking
Statements
Certain
statements in this news release constitute "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking statements and information are
provided for the purpose of providing information
about
management's
expectations
and
plans
relating
to
the
future.
All
of
the
forward-looking
information
made
in this
news
release
is
qualified
by
the
cautionary
statements
below
and
those
made
in
our
other
filings
with
the
securities
regulators in Canada.
Forward-looking information contained in forward-looking statements
can be identified by the use of words such as "are expected," "is
forecast," "is targeted," "approximately," "plans," "anticipates,"
"projects," "anticipates," "continue,"
"estimate,"
"believe"
or
variations
of
such
words
and
phrases
or
statements
that
certain
actions,
events or results "may," "could," "would," "might," or "will" be
taken, occur or be achieved. All statements, other than
statements of
historical
fact,
may
be
considered
to
be
or
include
forward-looking
information.
This
news
release
contains
forward-looking information
regarding
the Share
Settlement. Readers
are
cautioned
that
these forward-looking
statements
are
neither promises nor guarantees, and are subject to risks and
uncertainties that may cause
future
results
to
differ materially from those expected. Although the Company has
attempted to identify important factors that
could
cause
actual
results
to
differ
materially
from
those
contained
in
forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information.
The
forward-looking information set forth herein reflects the Company's
reasonable expectations as at the date of this news release and is
subject to change after such date. The Company disclaims any
intention or obligation to update or revise any
forward-looking
information, whether as a
result of new information, future events
or otherwise,
other than
as required by law. The forward-looking information contained in
this news release is expressly qualified by this
cautionary
statement.
This
news
release
shall
not
constitute
an
offer
to
sell or
the
solicitation
of
an
offer
to
buy
nor
shall
there
be any sale
of
the
securities
in
any
State
in
which
such
offer,
solicitation
or
sale
would
be
unlawful.
The
securities
being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration
requirements
of
the
United
States
Securities
Act
of
1933,
as
amended,
and
applicable
state
securities
laws.