Duncan Park Holdings Corporation Announces Non-Brokered Private Placement of Common Shares
May 11, 2020 - Toronto, Ontario – Duncan Park Holdings Corporation (the “Company”) announces that it has undertaken to complete a non-brokered private placement (the “Offering”) of up to 20,000,000 common shares of the Company (each a “Common Share”) to be issued at a price of $0.10 per Common Share, for gross proceeds of up to $2,000,000.
The proceeds from the Offering will be used for establishing new business lines and general working capital.
In connection with the Offering, the Company may pay certain qualified persons (i) a finder's fee equal to 8% on the proceeds from subscribers referred by the applicable finder, and (ii) a number of finder warrants (each, a “Finder Warrant”) equal to 8% of the number of Common Shares issued to subscribers referred by the finder. Each Finder Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.10 per Common Share, for a period of 24 months following the issuance of the Finders Warrants.
All securities issued as part of the Offering are subject to a statutory four-month and one day hold period from their issue date.
The Company also announced today that it has filed a notice of meeting for an annual and special meeting of shareholders of the Company to be held on June 30, 2020. It is anticipated that at the meeting, in addition to the election of directors and the appointment of auditors, the Company will seek approval of a new stock option plan and an amendment to the Company's articles to change its name to "Psyched Wellness Ltd." or such other name as the directors of the Company deem advisable. The name change is being proposed in connection with the completion by the Company of the purchase of all of the issued and outstanding shares of Psyched Wellness Corp. ("Psyched") and the intention of the Company to conduct the business of Psyched moving forward, all as disclosed in the Company's press release dated May 5, 2020.
“This financing is a key milestone for the Company as it will provide enough runway to complete the R&D and move towards a minimum viable product (MVP) for our initial product, an amanita muscaria mushroom tincture. We look forward to holding the annual and special meeting of the shareholders on June 30, 2020 to move the Company forward with the support of our shareholders, says Jeff Stevens, CEO of the Company.”