Psyence Biomedical (PBM) has released an update.
Psyence Biomedical Ltd. has entered into an addendum with note holders, facilitating the conversion of outstanding promissory notes and removing restrictions on equity issuances and share resales at a minimum price of $0.50. In exchange for these amendments and waivers, the company will compensate the holders with fees from future offerings, issue common shares, and provide warrants. Additionally, the lock-up on shares held by Psyence Group Inc. will be lifted in two stages, improving liquidity for the parent company.
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