Havn Life Sciences Inc. Reports Q1 Financial Statements
VANCOUVER, BC / ACCESSWIRE / September 29, 2020 / Havn Life Sciences Inc. (CSE:HAVN) (FSE:5NP) (the "Company" or "Havn Life"), is pleased to announce Its financial results for the three month period ended July 31, 2020. Please note that all references to currency are in CDN dollars.
First Quarter Results for three months ended July 31, 2020 - Financial highlights:
The Company incurred net and comprehensive loss of $1,159,642 consisting primarily of:
- Non-cash fair value of equity grants and shares issued for services included in share-based payments of $341,823 and finder's fees of $199,500;
- Professional fees of $198,309 and management fees of $128,000 incurred pursuant to the efforts and to enter into the securities acquisition agreement with HAVN Research Inc. and first submission of the Company's prospectus on June 9, 2020.
Since inception on April 8, 2020, the Company has raised $4.6M through three rounds of financing.
On September 2, 2020, the Company received a receipt of acceptance from the British Columbia Securities Commission for its long-form prospectus.
On September 4, 2020, the Company acquired 100% of HAVN Research Inc. in consideration for 100% of the issued and outstanding shares of HAVN Research Inc. in exchange for 15,233,333 common shares of the Company.
The Company began trading on the CSE under the symbol, HAVN and the FSE under the symbol 5NP.
The Company received a Section 56 Exemption from Health Canada, pursuant to which it now can possess certain amounts of pure psilocybin for scientific purpose, specifically for the research and development of quality control methods.
On Behalf of The Board of Directors
Susan Chapelle & Tim Moore
About Havn Life Sciences Inc.
Havn Life Sciences is a biotechnology company on a mission to unlock human potential using evidence-informed research. The Company is focused on standardized, quality-controlled extraction of psychoactive compounds from plants and fungi, and the development of natural health care products from non-regulated compounds. Learn more at: havnlife.com and follow us on Facebook, Twitter and Instagram.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future of the Company's business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release
SOURCE: Havn Life Sciences Inc.
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