GHP Noetic Science-Psychedelic Pharma Inc. Announces Closing of Initial Public Offering

TORONTO, Aug. 11, 2020 (GLOBE NEWSWIRE) -- GHP Noetic Science-Psychedelic Pharma Inc. (TSXV: PSYF.P) (the "Corporation" or "GHP"), is pleased to announce that it has completed its initial public offering (the "Offering") of 5,000,000 common shares in the capital of the Corporation (the "Common Shares") at a purchase price of $0.20 per Common Share by way of a prospectus for gross proceeds of $1,000,000.

"We are pleased to announce that our IPO has been fully subscribed and we are excited to begin identifying quality targets in order to complete a Qualifying Transaction," commented Michael Franks, CEO of GHP.

GHP is headed by a team led by Michael Franks and Sa'ad Shah of Grey House Partners. Messrs. Franks and Shah are supported by an experienced team of industry participants comprised of Warren Wright, George Main, Andrew Jolley and Paul Barbeau.

The Corporation is a Capital Pool Company (as defined in the policies of the TSX Venture Exchange (the "Exchange")). To date, the Corporation has not conducted operations of any kind and has not entered into an "Agreement in Principle", as such term is defined in Exchange Policy 2.4 ? Capital Pool Companies.

When combined with the Corporation's cash proceeds raised prior to the Offering ($500,000 cash proceeds were raised prior to the Offering as more fully described in the Corporation's final prospectus dated July 29, 2020), the Corporation has raised total gross proceeds of $1,500,000 and has a total of 10,000,000 Common Shares issued and outstanding, of which 5,000,000 Common Shares are being held in escrow. The net proceeds will be used to identify and evaluate assets of businesses for acquisition with a view to completing a "Qualifying Transaction" under the Capital Pool Company program of the Exchange.

Echelon Wealth Partners Inc. (the "Agent") acted as agent in connection with the Offering. For its services, the Agent received a corporate finance fee of $10,000, a cash commission equal to 10% of the gross proceeds of the Offering as well as warrants to purchase up to 500,000 Common Shares at an exercise price of $0.20 per Common Share, exercisable on or before August 11, 2022.

In addition, the Corporation granted an aggregate of 1,000,000 stock options to its directors and officers at an exercise price of $0.10 per share, exercisable on or before August 11, 2027.

The Common Shares were admitted for trading on the Exchange and will be trading under the symbol "PSYF.P".

Norton Rose Fulbright Canada LLP acted as legal counsel to the Corporation and Fasken Martineau DuMoulin LLP acted as counsel to the Agent.

For more information, please contact Michael Franks, the Chief Executive Officer of the Corporation.

Michael Franks, CEO and Director
[email protected]
T: 647 949-2663

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the use of proceeds of the Offering. Forward- looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

GHP disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.