" Novamind has experienced rapid growth in its two core businesses," said Yaron Conforti, Chief Executive Officer and Director. Exiting the Company's investments in Synthesis and Circadia is a strategic decision that enables Novamind to focus on the expansion of its network of clinics and clinical research sites located in the United States. Novamind further announced that it has elected not to proceed with a proposed investment in the Circadia Center, a retreat company operating in Costa Rica. Including the Sale Proceeds, Novamind's balance sheet is strengthened with a total of CAN$9,207,945 in cash and short-term investments, and no debt (unaudited figures as at August 10, 2021). Novamind realized gross proceeds of approximately CAN$1,760,000 from the sale of its Strategic Investment in Synthesis ("Sale Proceeds"). "We remain aligned in our common mission to increase access to safe, regulated psychedelic-assisted healing." " Novamind was a strategic investor in Synthesis at an early stage, helping to influence the company's direction and expansion," said Rachel Aidan, Chief Executive Officer of Synthesis. Pursuant to the terms of an agreement between Synthesis and Novamind, Synthesis purchased Novamind's Strategic Investment for €1,200,000 yielding a 60 per cent return on investment. Novamind led Synthesis' seed financing in 2019 with a strategic investment of €750,000 (the " Strategic Investment"). (CSE:NM)(OTC PINK:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, today announced that it has completed the sale of the Company's investment in the Synthesis Institute, a leader in psychedelic retreats and practitioner training programs located in the Netherlands ("Synthesis"). The transaction is expected to close in June following special meetings of shareholders of both companies.TORONTO, ON / ACCESSWIRE / Aug/ Novamind Inc. After the transaction, Novamind shareholders would hold about 18% of the company on a pro-forma, fully diluted basis. The offer price represents a premium of 51% to Novamind’s 20-day volume-weighted average price on the Canadian Securities Exchange. Under the accord, shareholders of Novamind would receive 0.84 of a common share of Numinus for each Novamind share held, implying an offer price of 44 cents per Novamind Share. Yaron Conforti, CEO of Novamind, said the combined entity is supported with more than $50-million (Canadian) in pro-forma capital and positioned with distinct capabilities to serve a growing and diverse group of stakeholders. “We expect this acquisition will significantly bolster our financial performance, growing Numinus’ annual revenue to more than five times our current levels, and driving meaningful margin improvement through identified operating efficiencies,” he added. platform through eight established, reputable, efficiently operating and revenue-producing clinics,” Payton Nyquvest, CEO of Numinus, said in a statement. “The Novamind acquisition presents a transformational opportunity for Numinus to launch a strong U.S. The combined company will operate 13 wellness clinics and will be positioned as a leading psychedelic-assisted therapy provider in North America, leading its peer group in revenue with approximately $10-million (Canadian) in annual pro-forma revenue based on the trailing four quarters. Numinus (TSX:NUMI OTCQX:NUMIF) agreed to acquire Novamind (CSE:NM OTCQB:NVMDF FSE:HN2) in a stock swap, by way of a court-approved plan of arrangement, for total consideration of about $26.2-million (Canadian).
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