VANCOUVER, British Columbia, June 17, 2020 /PRNewswire/ -- Mydecine Innovations Group Inc. (formerly New Leaf Brands Inc.) (CNSX: MYCO) (OTCMKTS: MYCOF) (FSE: 0NF) ("Mydecine" or the "Company") is pleased to announce that it has signed a definitive share exchange agreement with Mindleap Health Inc. ("Mindleap") for the acquisition of a 100% interest in MindLeap's Digital Telehealth Platform focused on the emerging psychedelics industry.
Pursuant to the share exchange agreement, Mydecine will acquire 100% of the issued and outstanding shares of Mindleap in exchange for: (i) 6,363,636 common shares in the capital of the Company, and (ii) the binding commitment to advance CAD $500,000 in working capital to Mindleap upon closing of the transaction and an additional CAD $500,000 on or before September 1, 2020. Certain principals of Mindleap will be subject to resale restrictions on the sale of the Mydecine shares for the periods ending 4, 12, 18, and 24 months from closing. Closing of the acquisition is subject to the receipt by Mindleap of the signatures of all of its shareholders on the share exchange agreement.
Mental health has been a big issue and is a major focus for the Mydecine Group of companies. Currently the World Health Organization estimates that there are more than 450 million people suffer from mental health disorders worldwide placing mental disorders among the leading causes of ill-health and disability worldwide. The US has the highest prevalence of mental health disorders in the world with 27 percent of adults, yet only 41 percent of the people who had a mental disorder in the past year received professional health care or other mental health services due to convenience and cost associated.
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Mydecine Director and CEO, Josh Bartch, stated: "This acquisition brings Mydecine an elite team drawn from tech, mental health, and science, paired with innovative technology with a strong USP and large addressable market. The scalability of the platform means high potential return on investment especially given Mindleap's 1st mover advantage in the rapidly emerging psychedelic medicine sector."
Mindleap is focused on making a considerable difference in people's lives by improving access to mental health services and providing more personalized and effective treatments utilizing the latest technology. The Mindleap Platform upon launch will provide:
Convenient and more affordable access to mental health services