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June 11, 2020, 12:12 p.m. EDT

Champignon Announces Closing of $15 Million Bought Deal Private Placement

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VANCOUVER, British Columbia, Jun 11, 2020 (GLOBE NEWSWIRE via COMTEX) -- NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Champignon Brands Inc. ("Champignon" or the "Company") /zigman2/quotes/216819817/delayed CA:SHRM +3.49% (fwb:496) (otcqb:SHRMF), a human optimization sciences company with an emphasis on ketamine and psychedelic medicine, is pleased to announce the closing of its previously announced "bought deal" private placement (the "Offering") of units of the Company ("Units") for aggregate gross proceeds of $15,000,375 which includes the full exercise of the option granted to the Underwriters (as defined below).

A total of 17,647,500 Units were sold pursuant to the Offering at a price of $0.85 per Unit. Each Unit is comprised of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share (a "Warrant Share") at a price of $1.15 per Warrant Share until June 11, 2022. The Offering was completed by a syndicate of underwriters co-led by Canaccord Genuity Corp. and Eight Capital, and includes Gravitas Securities Inc. (collectively, the "Underwriters"). All securities issued pursuant to the Offering are subject to a statutory four month and one day hold period.

The Company intends to use the net proceeds of the Offering for the Company's North American clinical expansion program as well as for general working capital purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

About Champignon Brands Inc.

Champignon Brands /zigman2/quotes/216819817/delayed CA:SHRM +3.49% (fwb:496) (otcqb:SHRMF) is focused on the formulation and manufacturing of novel ketamine, anaesthetics, and adaptogenic delivery platforms for nutraceutical and psychedelic medicine while being supported by a leading psychedelics medicines clinic platform. The Company is pursuing the development and commercialization of rapid onset treatments capable of improving health outcomes, such as depression and post-traumatic stress disorder (PTSD), as well as substance and alcohol use disorders. Under a collaborative research agreement with the University of Miami's Miller School of Medicine, the Company is conducting preclinical studies and eventual human clinical trials, with the objective of demonstrating safety and efficacy of the combination of psilocybin and cannabidiol in treating mTBI with PTSD or stand-alone PTSD. Champignon continues to be inspired by sustainability as its medicinal mushroom-infused SKUs are organic, non-GMO, and vegan certified. For more information, visit the Company's website at: https://champignonbrands.com/ .

ON BEHALF OF THE BOARD OF DIRECTORS

Dr. Roger McIntyre

Chief Executive Officer

E: info@champignonbrands.com

FOR INVESTOR INQUIRIES:

Champignon Brands | Storyboard Communications

Investor Relations, Toronto, Canada

Investor Line: +1 (833) 375-9995 x611

E: champignonbrands@storyboardcommunications.com

Tyler Troup

Circadian Group

/zigman2/quotes/216819817/delayed
CA : Canadian Securities Exchange
$ 0.89
+0.03 +3.49%
Volume: 0.00
June 19, 2020 3:59p
P/E Ratio
N/A
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N/A
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/zigman2/quotes/216819817/delayed
CA : Canadian Securities Exchange
$ 0.89
+0.03 +3.49%
Volume: 0.00
June 19, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
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