Novamind Closes Arizona Acquisition
posted on
Jan 18, 2022 08:00AM
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws. TORONTO, ON / ACCESSWIRE / January 18, 2022 / Novamind Inc. (CSE:NM)(OTCQB:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, announces that, further to its press release dated December 23, 2021, it has closed its acquisition (the "Acquisition") of Arizona-based Foundations for Change, Inc. ("Foundations"), a mental health practice specialized in ketamine-assisted psychotherapy. "We're thrilled to welcome the team from Foundations," commented Novamind CEO and Director, Yaron Conforti. "The Acquisition is an exciting opportunity for Novamind to expand the reach of our clinic network, bringing our model for innovative mental healthcare to a new market in Arizona." With the closing of the Acquisition, Foundations founder Jeff Edelman, MSN, APRN, PMHNP-BC, PMHCNS-BC, assumes the role of Medical Director at the Peoria and Phoenix clinic locations. Mr. Edelman commented: "Joining Novamind is the right fit for our team and aligns with our mission to provide innovative and compassionate mental healthcare. I would like to thank our patients, partners and community for their ongoing support over the years. We look forward to integrating our team and operations with Novamind and benefiting from its deep expertise and infrastructure as we continue to serve a growing patient population." In connection with the Acquisition, the Company issued 441,261 common shares in the capital of the Company (the "Shares") pursuant to the terms of debt settlement agreements entered into with certain holders of debt of Foundations (the "Debtholders"), at a deemed price per share equal to CAN$0.468 per Share. The Shares are subject to a statutory hold period expiring on May 18, 2022 in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange. The Company also paid to the Debtholders an aggregate of US$336,955 cash. The Company's news release dated December 23, 2021 provides additional details for the consideration payable by the Company pursuant to the Acquisition. About Novamind Contact Information Samantha DeLenardo, VP, Communications Investor Relations Forward-Looking Statements Cautionary Statements Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release. SOURCE: Novamind Inc. View source version on accesswire.com: https://www.accesswire.com/684189/Novamind-Closes-Arizona-Acquisition |