Clearmind Medicine Secures $10 million Securities Purchase Agreement to Explore Strategic Opportunities

Core Points - Clearmind Medicine Inc. has entered into securities purchase agreements with institutional investors to issue convertible promissory notes totaling up to $10 million [1][3] - The initial closing involved the issuance of notes worth $555,556 for a purchase price of $500,000 [1] - The company plans to use the proceeds from the notes for working capital, general corporate purposes, and potential acquisitions [3] Group 1 - The company will issue additional notes worth $1,944,444 for a purchase price of $1,750,000 after the effectiveness of a registration statement [3] - Clearmind may request additional purchases of notes up to $2,500,000 per quarter, totaling $7,500,000, starting three months after the second initial closing [3][4] - Each note will be issued at 90% of the principal amount, accruing interest at 4%, increasing to 14% upon default, and is to be repaid in ten equal monthly installments starting 18 months after issuance [5] Group 2 - Clearmind is focused on developing psychedelic-derived therapeutics to address under-treated health issues, including alcohol use disorder [6] - The company holds a portfolio of nineteen patent families with 31 granted patents and aims to acquire additional intellectual property [6] - Clearmind's shares are traded on Nasdaq under the symbol "CMND" and on the Frankfurt Stock Exchange under "CWY0" [7]