Psyence Group Inc. (CSE: PSYG) told investors that it will be consolidating all of its issued and outstanding share capital on the basis of every 15 existing common shares into one new common share effective April 23, 2025 with a record date of April 23, 2025. As a result of the consolidation, the issued and outstanding shares will be reduced to approximately 9,387,695 on the effective date.

This is the second time a Psyence company has consolidated shares recently. In November, its Nasdaq-listed associate, Psyence Biomedical Ltd. (Nasdaq: PBM), implemented a 1-for-75 share consolidation as the psychedelics company worked to maintain its Nasdaq listing.

Psyence Group reported earnings in February when the company delivered a net loss of C$3 million and was reporting as a going concern. At the end of 2024, the company said it had not yet achieved profitable operations, has accumulated losses of C$48,982,320 since its inception.

Total assets at the end of 2024 were C$11,944,478 and comprised predominantly of: cash and cash equivalents of C$10,611,113, other receivables of C$159,808, investment in PsyLabs of C$1,071,981 and prepaids of C$68,243.

Still, the company is pushing ahead. Psyence told investors that it has historically secured financing through share issuances and convertible debentures, and it continues to explore funding opportunities to support its operations and strategic initiatives. “Based on these actions and
management’s expectations regarding future funding and operational developments, the company believes it will have sufficient resources to meet its obligations as they become due for at least the next twelve months,” it said in its last financial filing.

The company said it believes that the consolidation will position it with greater flexibility for the development of its business and the growth of the company.

MindBio Therapeutics Corp. (Frankfurt: WF6) (CSE: MBIO) on Friday announced a new financing package that includes a private placement and substantial debt settlements to help strengthen its cash position.

The company plans to raise up to $170,000 via a non-brokered private placement of 15.45 million common shares priced at $0.011 per share, according to a news release. At the same time, MindBio is working to settle $1.76 million in outstanding debt through the issuance of up to 160 million shares at the same price.

The Vancouver-based firm specializes in microdosing psychedelic medicines for mental health conditions. Its lead candidate, MB22001, is described as a “proprietary titratable form of Lysergic Acid Diethylamide (LSD) designed for take-home microdosing.”

According to the announcement, MindBio has completed Phase 1 clinical trials in 80 healthy participants and a Phase 2a trial in patients with major depressive disorder, with “positive top line data reported” for both. The company is currently conducting two Phase 2B trials – one in cancer patients experiencing existential distress and another in patients with MDD. It also received approval for multiple Phase 1/Phase 2B trials focused on women’s health.

The private placement is expected to close around April 18, pending approval from the Canadian Securities Exchange. MindBio may pay finder’s fees of up to 8% of the gross proceeds, which could be settled through cash or additional shares at the offering price.

The company noted that the debt settlement arrangements concern “certain unsecured loans and payables that are due and owing.” Insiders may participate in the debt settlement.

The company said it intends to rely on exemptions from formal valuation and minority shareholder approval requirements since “no securities of the Company are listed on specified markets and the fair market value of the debt being settled by interested parties does not exceed 25% of the Company’s market capitalization.”