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Highlights:
- $1.85 million in proceeds received through a strategic offering of units at $0.325 per unit with each unit comprised of one common share and one-half of one (1/2) Common Share purchase warrant exercisable at $0.50, for total potential proceeds of $3.27 million.
- Financing will fuel Optimiâs ongoing commercialization efforts, support new product development and provide necessary working capital to be strategic in the marketplace, with opportunities being explored in Oregon and Alberta.
- Chip Wilson, founder of lululemon athletica inc., is an advisor to the Company and health and wellness advocate.
- The Private Placement increases Chipâs ownership to 9.5% on a fully diluted basis.
VANCOUVER, British Columbia, Oct. 11, 2022 (GLOBE NEWSWIRE) — Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) (âOptimiâ or the âCompanyâ), a leading GMP producer and safe supply advocate licensed by Health Canada to produce and distribute natural, EU-GMP grade psilocybin and other psychedelic substances, most notably MDMA, is pleased to announce it has closed a non-brokered private placement of 5,692,308 units of the Company (each a âUnitâ) at a price of $0.325 per Unit (the “Private Placement“) for gross proceeds of $1,850,000 with Wilson Capital, the Private Equity Division Chip Wilsonâs (âChipâ) family office. The Company intends to use the proceeds from the issuance of the Units to support its psychedelic product commercialization efforts, ongoing psilocybin and MDMA research and clinical trial initiatives, in-house drug development, and for general working capital.
Each Unit consists of one (1) common share of the Company (a “Common Share“) and one-half of one (1/2) Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable at $0.50 for a period of two (2) years from the date of issuance. The Common Shares and Warrants comprising the Units and any Common Shares issued upon exercise of the Warrants are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.
Optimi welcomes this strategic investment led by the family office of Chip Wilson, founder of lululemon athletica inc., who also serves on the Advisory Board of Optimi. Mr. Wilson, stated, âOur participation in the placement speaks to our belief that the Company can achieve its plan to be a world leader in psychedelic product development and global distribution.â
Optimi CEO, Bill Ciprick, commented, âIt is important to demonstrate both to our existing shareholders and the market at large that Optimiâs leadership is taking an active role in raising smart capital. When looking at a variety of potential funding options to lead this round of financing, apart from ensuring the terms of the financing were highly competitive, expanding its relationship with Chip through this investment was the preferred scenario given Chipâs familiarity with the operational business, his ongoing support to Optimi in an advisory capacity, and understanding of management and the Boardâs track record and commitment to achieving its near and long-term corporate milestones.â
The private placement increases the amount of the Companyâs Common Shares owned by Founders, members of the Advisory Board, Directors, and Officers.
Optimi co-founder, director and CFO, Jacob Safarik, says, âThis pivotal financing puts the Company in the enviable position of being backed by one of the most trusted family offices in Canada. In a time of market instability, Optimi has maintained the necessary flexibility to execute on its path to profitability while strengthening its working capital position to continue pursuing important product development and research initiatives that support Optimiâs position as a leading safe supply advocate,â said Safarik. âIt is crucial to our continued success that Optimi be ready for opportunities including the implementation of legal psychedelic therapy in new markets taking shape, such as Oregon and Alberta, and that we have a variety of safe, lab tested, EU-GMP psilocybin and MDMA products available to patients around the world as the global regulatory markets continue to evolve.â
The strategic offering sets the foundation for the Companyâs upcoming expansion milestones, including Phase I and II psilocybin and MDMA clinical trials with ATMA Journey Centers, the rollout and expansion of Optimiâs functional mushroom and psychedelic product catalogues, and establishing an operational footprint in Oregonâs regulated psilocybin market.
Optimi co-founder, director and CMO, Dane Stevens, stated, âThis sends the right message at the right time to investors paying close attention to the psychedelics market. When an investor like Chip Wilson offers to increase his position and back the future of Optimi, you find a way to get a deal done. Optimi would not exist without the vision and commitment of JJ and Chip Wilson, the Safarik family, and the shared belief that the work we are doing today will improve the health of so many in need for many years to come. With this strategic raise, we are building trust with shareholders and operations team alike, and demonstrating that the Companyâs Founders and leadership team are committed to the long-term success and growth of Optimi.”
The Wilson family recently made news for their $100,000,000 donation, the largest in history, to the B.C. Parks Foundation â as well as the establishment of Solve FSHD (a foundation to research into a cure for facioscapulohumeral muscular dystrophy) with an additional $100 million, in September and March of 2022, respectively. These were facilitated by the Wilson 5 Foundation, the familyâs private foundation.
FOR INTERVIEW REQUESTS OR FURTHER INFORMATION PLEASE CONTACT:
Michael Kydd
Investor Relations
Email: investors@optimihealth.ca
Phone: +1 (902) 880 6121
ABOUT OPTIMI (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN)
Optimi Health Corp. is a Canadian-based company licensed by Health Canada to produce and supply natural, EU-GMP grade psilocybin and synthetic psychedelic substances, as well as functional mushrooms that focus on the health and wellness markets. Built with the purpose of producing scalable psychedelic formulations for transformational human experiences, the Companyâs goal is to be the number one trusted, compassionate supplier of safe drug products throughout the world. Optimiâs products are produced at its two facilities comprising a total of 20,000 square feet in Princeton, British Columbia, making it the largest psilocybin and MDMA producer in North America.
FORWARDâLOOKING STATEMENTS
This news release contains forwardâlooking statements and forwardâlooking information within the meaning of Canadian securities legislation (collectively, âforwardâlooking statementsâ) that relate to Optimiâs current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as âwill likely result,â âare expected to,â âexpects,â âwill continue,â âis anticipated,â âanticipates,â âbelieves,â âestimated,â âintends,â âplans,â âforecast,â âprojection,â âstrategy,â âobjective,â and âoutlookâ) are not historical facts and may be forwardâlooking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forwardâlooking statements. No assurance can be given that these expectations will prove to be correct and such forwardâlooking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forwardâlooking statements pertaining to the Private Placement, including with respect to the use of proceeds, the future success of Optimi, activities proposed to be conducted under the Companyâs approved Health Canada dealerâs licence and associated business related to Psilocybin, Psilocin, other psychedelic substances, some being synthetically formulated, and Optimiâs plans, focus and objectives.
Forwardâlooking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Optimiâs control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forwardâlooking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVIDâ19 pandemic and other factors set forth under âForwardâLooking Statementsâ and âRisk Factorsâ in the Companyâs Annual information Form dated January 12, 2022, and other continuous disclosure filings available under Optimiâs profile at www.sedar.com. Optimi undertakes no obligation to update or revise any forwardâlooking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Optimi to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forwardâlooking statement.
Any forwardâlooking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.