Field Trip Health Ltd. Announces Closing of Bought Deal Financing

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TORONTO, Jan. 05, 2021 (GLOBE NEWSWIRE) — Field Trip Health Ltd. (“Field Trip” or the “Company”) (CSE: FTRP) (OTCBB: FTRPF), a leader in the development and delivery of psychedelic therapies, is pleased to announce that it has closed its previously announced bought deal short form prospectus offering, including the exercise in full of the underwriters’ over-allotment option (the “Offering“). In connection with the Offering, the Company issued 4,448,200 units of the Company (the “Units“) at a price of CAD$4.50 per Unit, for aggregate gross proceeds of $20,016,900. The Offering was conducted by Stifel GMP (the “Lead Underwriter”), as lead underwriter and sole bookrunner with Canaccord Genuity Corp., Bloom Burton Securities Inc. and Eight Capital forming the syndicate of underwriters (together with the Lead Underwriter, the “Underwriters”).

Joseph del Moral, Chief Executive Officer, said, “We are delighted to have the support of the investment community as we continue with our mission to increase access to psychedelic therapies both through the development of new drugs and products, and building the physical and digital infrastructure necessary to deliver these potentially life-transforming therapies. We believe that psychedelic drugs have significant potential in treating mental health disorders and we are committed to driving forward the psychedelic renaissance that is underway.”

Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at an exercise price of $5.60 per Warrant Share until July 5, 2022. In the event that the volume weighted average trading price of the Common Shares exceeds $9.00 for ten (10) consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants upon not less than fifteen (15) trading days’ notice. The Warrants will be listed for trading on the facilities of the Canadian Securities Exchange (the “CSE“) under the symbol “FTRP.WT”. The Company has received approval from CSE to list the Warrants and the Warrants are expected to commence trading on the date hereof.

The Company plans to use the net proceeds from the Offering as disclosed in the final prospectus in relation to the Offering, which is available on the Company’s SEDAR profile accessible at www.sedar.com.

In consideration for their services, the Company paid to the Underwriters a cash commission equal to $763,046.10 and issued to the Underwriters 169,565 compensation warrants (the “Compensation Warrants“). Each Compensation Warrant may be exercised to acquire one Common Share (each, a “Compensation Share“) at an exercise price of $4.50 per Compensation Share until…