Psyence Biomedical (PBM) has released an update.
Psyence Biomedical Ltd. has entered into a debt-for-equity exchange agreement with Newcourt SPAC Sponsor, LLC to convert a $1,615,501 promissory note into common shares. This strategic financial move aims to fully satisfy the debt obligations of Psyence Biomedical through the issuance of shares at a determined price, with provisions for additional compensation if share value fluctuates. The agreement stipulates release from debt in return for shares and includes terms to ensure compliance with securities regulations.
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