With its flagship Calgary clinic now open and its additional clinics in Fredericton and Edmonton being fully funded, the Company intends to use the net proceeds of the Offering to fund its Phase II growth plans.
Calgary, Alberta--(Newsfile Corp. - November 29, 2021) - Aspen Island Therapeutics Inc. DBA the Newly Institute ("The Newly Institute" or the "Company"), Canada's only inter-disciplinary mental health clinical organization that offers intensive outpatient treatment programs and utilizes revolutionary and leading edge therapies, including psychedelic-assisted psychotherapy, is pleased to announce its intention to complete a non-brokered private placement of up to 1,333,334 common share of the Company at a price of $1.50 per Common Share (the "Common Shares") for gross proceeds of approximately $2,000,000 (the "Offering"). This Offering is expected to be the last equity financing before the Company's intention to go public in 2022. The net proceeds of the Offering is intended to be used to further the development of the Company's leading edge mental health clinics across Canada as well as for general corporate purposes.
Arthur H. Kwan, CEO, states, "With the recent opening of our 11,000 sq. ft. flagship Calgary clinic, we have reached several key strategic milestones in Q3 and Q4 2021, which includes generating revenue in our Calgary location. Our grand opening was very well received by stakeholders, the media, and the Alberta Provincial Government. The Newly Institute was honoured to have the Associate Minister of Mental Health and Addictions, Mike Ellis, provide an opening address and assist in cutting the red ribbon."
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The securities being offered have not been, nor will they be, registered under the United States Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About The Newly Institute
The Newly Institute, a Calgary-based private corporation, believes that mental health treatment is in drastic need of a paradigm shift, and our vision was founded to provide long-lasting change within this industry, our community, and with our clients. By fusing a bio-psycho-social-spiritual treatment model with psychedelic-assisted therapies, patients can overcome deeply embedded traumas that prevent them from living fully in their everyday lives. Our programs are based on evidence and data, but our approach is personal because we know it is vital that people feel safe as together, we do the difficult work to achieve wellness it is vital that people feel safe as together we do the difficult work to achieve wellness.
With its Calgary clinic open and additional locations opening in Fredericton, NB, and Edmonton, AB, as well as several more Canadian cities, The Newly Institute's is on-track to become Canada's largest and premier operator of inter-disciplinary mental health clinics.
SOURCE: The Newly Institute
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