Cybin Inc (CYBN) Announces $64M Units Offering

Cybin Inc. (NYSE American: CYBN) is pleased to announce a firm commitment underwritten offering (the “Offering”) of 66,666,667 units of the Company (the “Units”) to one of the Company’s largest existing institutional shareholders and new institutional investors at a price of US$0.45 per Unit for gross proceeds of approximately US$30 million. Approximately US$30 million will be funded in full upon the closing of the Offering, and up to an additional US$34 million may be funded upon full exercise of the Warrants (as defined below).

Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will be exercisable to acquire one Common Share at a price of US$0.51 per Common Share for a period beginning on the date that 6 months after issuance until the date that is 60 months after the date of initial exercisability, subject to acceleration in certain circumstances.

A.G.P./Alliance Global Partners is acting as the sole book-running manager for the Offering.

The Offering is expected to close on or about November 15, 2023, or such other date as A.G.P./Alliance Global Partners and the Company may agree, and completion of the Offering will be subject to market and other customary conditions, including approval of the Neo Exchange Inc., now operating as Cboe Canada (the “Exchange”).

The Company intends to use the net proceeds from the Offering for the progression of the Company’s CYB003 and deuterated DMT programs, and for general corporate and working capital purposes.

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