Emyria announces capital raise to progress mental healthcare programs

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Emyria (ASX:EMD) has secured commitments from new and sophisticated investors to raise $2 million and will initiate a non-renounceable pro rata entitlement offer to raise approximately $3.1 million.

The company said the placement will see the issue of approximately 26,666,667 fully paid ordinary shares at $0.075 each, representing a 6.25 per cent discount to the last traded price as of 30 August 2023.

The placement includes one free attaching unquoted option for every two shares applied for and issued under the placement. The options will be exercisable at $0.12 each and expire three years from the issue date.

Under the entitlement offer, eligible shareholders will be allowed to subscribe for new shares on the basis of one for every 7.5 existing shares.

The company said the funds raised will be used to support its strategic objectives in mental healthcare.

"Our near-term focus is on leveraging our multidisciplinary team and fit-for-purpose facilities to deliver MDMA-assisted therapy, a modality currently showing promise in Phase 3 clinical trials for PTSD," said the company.