Awakn Life Sciences Announces Closing Of Second Tranche And Upsizing Of Previous Private Placement

Author: Lara Goldstein | June 15, 2023 08:17pm

UK-based psychedelics biotech Awakn Life Sciences Corp. (OTCQB:AWKNF) announced the closing of the second tranche of its latest non-brokered private placement as well as an upsizing of the original financing option to $4 million.

The private placement was announced in late April with original gross proceeds of up to $3 million, or up to 6,521,739 Awakn units, to be issued at a price of $0.34 (CA$0.46) each.

Closing of the offering’s first tranche totaled 2,392,858 units issued equating gross proceeds of $1.1 million, and with this second tranche issuing 1,884,204 units for gross proceeds of $866,733, the offering has gathered $1,967,448 total so far.

See also: Canadian Financing: PharmAla Biotech Offers Non-Brokered Private Placement Up To $3.76M

The clinical-stage company working on the development of addiction treatments with a near-term focus on Alcohol Use Disorder (AUD) recently stated its decision to discontinue ketamine treatments toward solely focusing on the R&D of novel therapeutics and IP licensing and to support the new mission has upsized the offering for $1 million total, taking maximum gross proceeds to $4 million while maintaining the same price per share. 

Each unit is equivalent to one Awakn common share and three-quarters of one whole common share purchase warrant, each warrant entitling its holder to acquire one common share for $0.63 each for a period of five years from the date of issuance.

Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of NEO Exchange. All securities issued in connection with the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

Photo: Benzinga edit with photo by anaterate and sergeitokmakov on Pixabay.

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