08:03 AM EST, 12/30/2024 (MT Newswires) -- Psyence Biomedical ( PBM ) said late Friday it has completed its private placement for gross proceeds of $2 million.

The company offered 1 million common shares or pre-funded warrants, series A warrants to purchase up to 1 million shares, and short-term series B warrants to purchase up to 1 million shares at a purchase price of $2 per share or per pre-funded warrant and accompanying series A and B warrants.

The warrants have an exercise price of $2 per share and are exercisable immediately upon issuance.

Proceeds from the offering are expected to be used for general corporate purposes, the company said.