Champignon will acquire 100% of the issued and outstanding shares of AltMed for total consideration of 55,124,000 common shares (current market value of C$47,406,640)
Additionally, 3,391,500 share purchase warrants will be issued in exchange for the cancellation of outstanding exercised AltMed share purchase warrants
The Transaction remains subject to AltMed shareholder approval
Pat McCutcheon, director of AltMed, stated: “Together with Champignon’s existing novel ketamine delivery platforms, associated patents/IP and now advanced clinical infrastructure, we will look to deliver approved, point-of-care psychedelic treatments in clinics throughout Canada and the United States. Ketamine, psilocybin and MDMA have all been fast-tracked by the FDA and Health Canada with respect to R&D in DPS, and we will look to monetize our capabilities and human capital within this domain. Led by our accomplished operational team, comprised of experienced clinicians, academics and thought leaders within dynamic, blue-sky industries, we will be the global leader with regard to the application of rapid onset treatments and will continue to be a first-in-class, vertically integrated center that champions R&D, clinical research, knowledge translation, vocational rehabilitation and psychotherapeutics, offering patient populations a wholesome and comprehensive treatment ecosystem."About AltMedAbout Champignon Brands
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