Field Trip Health (FTRP.C) closed a bought deal short form prospectus offering, pulling in $20,016,900 today, according to a press release.
The company issued 4,448,200 shares at a $4.50 price, along with warrants, exercisable at $5.60 but not until July 5, 2022. If the volume weighted average trading price goes over $9 for ten trading days, the company can push the expiry date with no less than 15 trading days notice.
“We are delighted to have the support of the investment community as we continue with our mission to increase access to psychedelic therapies both through the development of new drugs and products, and building the physical and digital infrastructure necessary to deliver these potentially life-transforming therapies. We believe that psychedelic drugs have significant potential in treating mental health disorders and we are committed to driving forward the psychedelic renaissance that is under way,” said Joseph del Moral, CEO of Field Trip.
Field Trip is only still a decently new company, having only been trading on the CSE since October. Since then they’ve seen highs in the $7 range, up from their starting point of $2.80. Right now they’re trading at $3.53 on respectable volume.
The warrants will be listed on the CSE under the symbol “FTRP.WT.” The money raised will be used for working capital, expansion, and research and development.