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April 14TH , 2021 – VANCOUVER, BRITISH COLUMBIA, Vancouver, British Columbia – Albert Labs Inc. (“Albert Labs” or the “Company“) is pleased to announce a brokered private placement (the “Brokered Offering”) of up to 16,000,000 subscription receipts (the “Subscription Receipts“) at a price of $0.25 per Subscription Receipt for aggregate gross proceeds of up to $4 million, with a 25% over-allotment option or up to an additional 4,000,000 Subscription Receipts, $1,000,000 in gross proceeds.
The proceeds from the Subscription Receipts will be held in escrow pending the satisfaction of escrow release conditions (the “Receipt Conditions“), The company is completing a merger transaction (the “Merger”) with MEC Resource Corp. on or before August 31, 2021 unless extended. The proposed transaction On satisfaction of the Receipt Conditions, each Subscription Receipt will automatically convert, for no additional consideration, into one common share of Pubco.
Research Capital Corporation (the “Lead Agent”), with a syndicate including Beacon Securities Limited (together, the “Agents”) have agreed to act as agents for the Brokered Offering on a best-efforts basis. On closing of the Brokered Offering, the Agents will receive a commission equal to 7.0% of the gross proceeds from the Subscription Receipts sold under the Brokered Offering and a number of broker warrants of the Company (the “Broker Warrants”) equal to 7.0% of the number of Subscription Receipts sold under the Brokered Offering. Each Broker Warrant will be exercisable to purchase one common share of the Company at a price of $0.25 for a period of 24 months following closing.
The securities issued pursuant to the Brokered Offering will be subject to an indefinite hold period until the completion of the Merger.
Completion of the Brokered Offering and the payment of any commission remain subject to the receipt of all necessary regulatory approvals. The proceeds of the private placement will be used for the business of Albert Labs. Read more below.
Please see the news release dated March 5, 2021 for further information about the transaction and the Business of Albert Labs Inc.
Watch a short about Albert Labs video here (https://youtu.be/otQezIvmIXI).
Albert Labs is a laboratory based, clinical research and drug development enterprise, focused on improving patient access to psychedelic-assisted therapies through the safe, timely and efficient development of medicines across Europe.
The Company’s core focus is treating patients with urgent and unmet needs; which are critical mental health indications that are not being addressed by big pharma, beginning with cancer-related anxiety, through trials in the UK and Scandinavia.
Albert Labs will be the first psychedelics company to use an accelerated pathway, known as Real-World Evidence (RWE) studies, to gain approval and reimbursement for its proprietary therapy to treat patients in need. Albert Labs will own the study data to improve and protect its psychedelic-based therapies.
The Company has an asset light business model as it leverages existing clinical infrastructure and patient pools through a collaboration among research institutions, medical centers and reimbursement networks. Albert Labs plans to scale these collaborations in the UK and across Europe to; generate revenue, ensure research institutions are published and provide patients with faster access to treatment solutions. Additional studies will be carried out to further develop and protect Albert Labs’ therapies and address other niche mental health indications.
Albert Labs has submitted applications for psychedelic research and a dealer’s license which will allow the Company to test, possess, buy and sell MDMA, psilocybin, psilocin, DMT and mescaline in its lab in Burnaby, BC Canada. These Health Canada licenses will also allow the company to import/export, test, and conduct R&D on these controlled substances.
Watch a short about Albert Labs video and hear more of the investment opportunity here (https://youtu.be/otQezIvmIXI).
ON BEHALF OF THE BOARD OF DIRECTORS
ALBERT LABS INC.
CHAND JAGPAL, CEO
For further information please contact:
Tel: +44 7828 008237
This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company’s intentions, plans, estimates, beliefs or expectations regarding the future. Although the Company believes that any such intentions, plans, estimates, beliefs and expectations in this news release are reasonable, there can be no assurance that any such intentions, plans, beliefs and expectations will prove to be accurate.
The Company cautions readers that all forward looking statements, including without limitation those relating to the Company’s future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.
Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. The Company assumes no obligations to update any forward looking statements, whether as a result of new information, future events or otherwise unless required by the applicable securities laws.
© 2022 Albert Labs. All Rights Reserved
We are a pharmaceutical company leveraging our drug development and clinical research expertise to accelerate the development of highly effective mental health medicines.
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