Psychedelics Firm Optimind Pharma Sustains Growth Plan Rollout With New Acquisition

Psychedelics therapy provider Optimind Pharma Corp. entered into an acquisition agreement with Wolf Acquisitions 1.0 Corp., an arm's length private British Columbia corporation with investments in the psychedelics industry and one of its wholly-owned subsidiaries.

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Now focused on offering medical cannabis and ketamine-assisted treatment for patients with PTSD, anxiety, depression and other mental health conditions, Optimind aims to combine psychedelics with psychology to provide legal, safe and supervised psychedelic-enhanced psychotherapy.

Shortly after commencing trading on the CSE last year, the company acquired the MindSetting Institute, a psychedelics-enhanced therapy training and educational programming firm with a novel Therapeutic Reset of Internal Processes (TRIP) Protocol that incorporates ketamine into psychotherapy practices and aims to open a new market opportunity with revenue streams.

The educational component’s acquisition, the company stated, “completed” its “three-pronged strategy to deliver leading psychedelic enhanced therapy, adding to the ReadyToGo clinic in London, Ontario and the psilocybin research within a joint venture with Manitari Pharma.

According to the new agreement, Optimind would acquire all issued and outstanding Wolf shares by way of a "three-cornered" amalgamation whereby the subsidiary company and Wolf shall amalgamate following provisions of BC’s Business Corporations Act and form one corporation, to become a wholly-owned subsidiary of Optimind.

In connection with the transaction, Wolf will issue an aggregate of 45 million common shares to its shareholders, each at a deemed price of $0.0366 (CA$0.05), reportedly reflecting a premium to the current market price.

Concurrent with the transaction’s closing, Optimind intends to close a private placement for minimum gross proceeds of $366,000 (CA$500,000,) with each unit consisting of one common share and one warrant exercisable into a common share for 3 years at $0.055 each.

Following the transaction’s closing but prior to the private placement, Optimind is expected to have 143,091,991 shares issued and outstanding on an undiluted basis; while the former Wolf shareholders are expected to own approximately 31.45% of those shares.

The acquisition would not bring about any changes to management or the board of directors and no finder's fees are payable in connection with the transaction.

Photo: Benzinga edit with photo by Anaterate and sergeitokmakov on Pixabay

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Posted In: CannabisM&ANewsPsychedelicsContractsManagementMarketsKetamine-Assisted TherapyOptimind Pharma CorpPsychedelic-Enhanced Psychotherapy
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