Bright Minds Biosciences Inc. (CSE:DRUG) (NASDAQ:DRUG) announced a non-brokered private placement of common shares in the capital of the Company at a price of USD$21.70 per Share (the "Share Offering"). In addition to the Shares issued under the Share Offering, the Company reserves the right to issue pre-funded warrants of the Company ("PFWs") at USD$21.699 per PFW (the "PFW Offering", together with the Share Offering, the "Offering"). The aggregate gross proceeds of the Share Offering and the PFW Offering, on a combined basis, is for up to USD$35,000,000. The Company, in its sole discretion, may determine the number of PFWs issued pursuant to the PFW Offering and the number of Shares issued pursuant to the Share Offering.

Each PFW is exercisable into one Share (each, a "PFW Share") at an exercise price of $0.001 per PFW Share on the date that is the earlier of (a) the date the holder thereof elects to exercise the PFWs and pays the exercise price therefor, and (b) 5 years from the date of closing (the "Closing Date").

The Company intends to use the aggregate gross proceeds from the Offering for research and development related to its drug development programs, and general working capital. Each of the Sh