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 “CommonShare”) 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 “FinderWarrant”) 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.”
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
About Psyched Wellness Ltd.:
Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company’s objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.
Cautionary Statement Regarding Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.