REG-Mydecine Innovations Group Inc: Mydecine applies for management cease trade order

Mydecine InnovationsAnnouncement

03/05/2024 09:45

MYDECINE APPLIES FOR MANAGEMENT CEASE TRADE ORDER

VANCOUVER, British Columbia, 3 May 2024 - Mydecine Innovations Group Inc. (the
"Company") (CSE: MYCO) (FSE: 0NF0) (OTC: MYCOF) (AQSE: MYIG) announces that it
has requested a temporary Management Cease Trade Order ("MCTO") from the
British Columbia Securities Commission ("BCSC") in connection with the
Company's filing of its audited annual financial statements (the "Audited
Financial Statements") and MD&A for the financial year ended December 31,
2023.

The Company is requesting the MCTO in order to secure additional time to
finalize its Audited Financial Statements, the related MD&A and the applicable
CEO and CFO certifications (the "Annual Filings"). The delay in filing the
Annual Filings is a result of being required to restate its December 31, 2022
audited financial statements (as announced in its news release dated April 25,
2024) and its recent change of auditor. The Company is working with its new
auditor and accounting team to draft Financial Statements and respond to all
queries. It is the Company's reasonable expectation that the Annual Filings
will be finalized on or before June 28, 2024 or sooner.

By way of background and as required by the BCSC, the Company notes the
following:

1. The Company is required to file its Annual Filings all in accordance with
IFRS within 120 days after the end of its completed financial year, such date
being April 29, 2024 (the "Annual Filing Deadline") as required by National
Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102"). The Company
does not anticipate that it will be able to complete the Annual Filings on or
before the Annual Filing Deadline.

2. The Company and its auditors are working diligently to prepare and file
the Annual Filings, on or before June 28, 2024.

3. The Company confirms that it intends to issue a status report on a
bi-weekly basis, for as long as it remains in default of the Annual Filing
Deadline in respect of the Annual Filings.

4. The Company is not subject to any insolvency proceeds.

5. There is no other material information concerning the affairs of the
Company that has not been generally disclosed.

The Company has imposed an insider trading blackout pending the filing of the
Annual Filings, and will comply with the alternative information guidelines
described in National Policy 12-203 Management Cease Trade Orders during such
period.

The Directors of Mydecine take responsibility for this announcement.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

On behalf of the Board of Directors

MYDECINE INNOVATIONS GROUP INC.

Joshua Bartch
Chief Executive Officer
contact@mydecineinc.com

AQSE Corporate Advisor

Novum Securities Limited  Tel: +44 (0)207 399 9400

David Coffman/ George Duxberry

 

About Mydecine Innovations Group Inc.

Mydecine Innovations Group™ is a biotechnology company developing the next
generation of innovative medications and therapies to address mental health
disorders such as nicotine addiction and posttraumatic stress disorder (PTSD).
The core strategy blends advanced technology with an elaborate infrastructure
for drug discovery and development. Mydecine's dedicated multinational team
constantly develops new paths for breakthrough treatment solutions in areas
with considerable unmet needs. By collaborating with some of the world's
leading specialists, the Company aspires to responsibly speed up the
development of breakthrough medications to provide patients with safer and
more effective treatment solutions. At the same time, Mydecine's approach
focuses on the next generation of psychedelic medicine by creating innovative
compounds with unmatched therapeutic potential through its clinical trial
efforts with world-class scientific and regulatory expertise.

Learn more at: https://www.mydecine.com/ and follow the company on Twitter,
LinkedIn, YouTube, and Instagram.

Forward-looking Information Statement

This news release may contain certain "forward-looking statements" and
"forward-looking information" within the meaning of applicable Canadian and
United States securities laws. When used in this news release, the words
"anticipate", "believe", "estimate", "expect", "target, "plan", "forecast",
"may", "schedule" and other similar words or expressions identify
forward-looking statements or information. These forward-looking statements or
information may relate to the anticipated timing for the filing of the Annual
Filings, and other factors or information. Such statements represent the
Company's current views with respect to future events and are necessarily
based upon a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant business,
economic, competitive, political and social risks, contingencies and
uncertainties. Many factors, both known and unknown, could cause results,
performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such
forward-looking statements. The Company does not intend, and does not assume
any obligation, to update these forward-looking statements or information to
reflect changes in assumptions or changes in circumstances or any other events
affections such statements and information other than as required by
applicable laws, rules and regulations.

 



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