Bright Minds Biosciences Inc. ( DRUG ) shares are moving higher on Friday. The company announced a $35 million non-brokered private placement.

The Details: Each share in the private placement is priced at $21.70, while pre-funded warrants are available at a price of $21.69 each. Pre-funded warrants can be converted into stock at the time the investor chooses or within five years from the closing date.

The company plans to use the gross proceeds from this private placement for general working capital as well as research and development in connection to its drug development programs.

Bright Minds stock is up more than 100%, trading on higher-than-normal volume Friday. The stock has an average session volume over the past 100 days of 2.22 million, but is currently trading on a session volume of 10.62 million.

How To Buy Bright Minds Biosciences Stock

By now you're likely curious about how to participate in the market for Bright Minds Biosciences ( DRUG ) – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

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DRUG Price Action: As of Friday morning, Bright Minds stock is trading 153.5% higher at $55.01, according to data from Benzinga Pro.

Image: Image: Akava Photo from Pixabay