SciSparc subsidiary NeuroThera raises C$5.4M in private placement

SciSparc Ltd. (NASDAQ: SPRC) announced that its majority-owned subsidiary, NeuroThera Labs Inc. (TSXV: NTLX), has completed two tranches of a non-brokered private placement, raising aggregate gross proceeds of C$5.4 million.

SciSparc participated with a C$2.7 million investment, equal to 50% of total proceeds raised. The company subscribed for 22,500,000 units at C$0.12 per unit, with each unit consisting of one common share and one common share purchase warrant exercisable for three years.

The warrants include an acceleration provision: if NeuroThera's securities are approved for trading on the Nasdaq Stock Market, the expiry date of 50% of unexercised warrants will be accelerated, with three business days' written notice provided to holders.

Following the financing, SciSparc holds approximately 44.6% of NeuroThera's issued and outstanding common shares. The company said its stake in NeuroThera is valued at approximately C$30 million.

NeuroThera intends to use the net proceeds for general working capital and other corporate and administrative expenses.

NeuroThera is a clinical-stage pharmaceutical company focused on developing treatments for central nervous system disorders. SciSparc's drug development programs include SCI-110 for Tourette syndrome and Alzheimer's disease agitation, and SCI-210 for autism spectrum disorder and status epilepticus, based on THC and/or non-psychoactive CBD.

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