Mushroom Company Optimi Health Raises $4.4 Million

Canadian mushroom company Optimi Health Corp. closed an oversubscribed non-brokered private placement of 17,963,005 special warrants at a price of $0.25 per Special Warrant for aggregate gross proceeds of $4,490,751.25 million.

Optimi plans to cultivate and extract mushrooms inside two purpose-built GMP certified facilities, strategically located in Princeton, British Columbia. The company’s goal is to leverage existing supply chain efficiencies to deliver a line of nutraceutical products directly to consumers. The company plans to use the money to advance its mushroom growth and R&D facilities in Princeton, British Columbia as it develops a product line of functional mushroom supplements and to pursue the development of its pharmaceutical-grade facility. The products would include Lions Mane, Reishi, Chaga, Turkey Tail and Cordyceps.

Deal Details

Each Special Warrant entitles the holder thereof to automatically receive, without additional payment, one unit (a “Unit”) in the capital of the Company upon the earlier of (i) January 12, 2020, and (ii) the second business day after the Company receives a receipt for a final long form prospectus qualifying the distribution of the Units. Each Unit consists of one common share (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.40 for a period of two years from the closing of the Private Placement.

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