Cyntar Ventures Inc. Completes Company Registration Change As It

Initial focus on developing treatments for alcohol use disorders

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Toronto, Ontario – (Newsfile Corp. – May 25, 2021) – Clearmind Medicine Inc. (CSE: CMND) (“Clear mind“or the”Society“), announced today that it has met all requirements of the Canadian Securities Exchange (the”CSE“or the”To exchange“) for a change of company (“EAR“) SEO. Formerly Cyntar Ventures Inc, the Company is moving from an exploration of mineral resources to the research and development of innovative psychedelic therapies.

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The Company first announced the COB in September 2020, together with the acquisition of all rights, titles and interests in several patents and patent applications for the treatment of alcohol abuse disorders and various other frenzy behaviors uncontrolled by Ezekiel Golan, now the Scientific Director and Director.

Mr. Golan commented on the announcement: “Psychedelics as a class of pharmaceuticals have the potential to provide transformational solutions for people with a number of mental health disorders, including depression, substance abuse and l alcohol abuse. These conditions can be emotionally and financially devastating for patients, their families and society as a whole. I am thrilled to be a part of the Clearmind team and look forward to working together to bring new therapies from the lab to the clinic and eventually to the patients.

There is growing evidence that the FDA is slowly easing restrictions on psychedelic pharmaceuticals. Although they only recently approved the first cannabis-based pharmaceutical, there are currently over 600 cannabis-related clinical trials on file with the National Institutes of Health (NIH). In 2019, the FDA granted the first breakthrough therapy designation (an accelerated process for drugs where preliminary clinical evidence has shown substantial improvement over available therapies for serious or life-threatening conditions) to two psilocybin-based drugs for the treatment of major depressive disorder, and the NIH lists 64 studies based on psilocybin.

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According to the NIH, about 6% of the US adult population (over 13 million people) suffered from alcohol use disorders in 2018. The country’s financial burden exceeds $ 250 billion per year. Globally, an estimated 5% of all deaths – around 3 million people – are attributable to alcohol consumption.

Gadi Levin, CEO of Clearmind, concluded: “This listing is an important milestone for the company and our investors. The new name and structure facilitate management’s ability to seize opportunities in the emerging psychedelic pharmaceutical industry. Our first priority will be to deepen our research related to the treatment of alcohol use disorders; in the longer term, we will explore solutions for other underserved conditions.

Update on outstanding titles

As previously announced on April 16 and 22, 2021, the Company completed several private placements. The following table shows the currently issued and outstanding securities of Clearmind (on a fully diluted basis):

Security Authorized Exceptional
Ordinary actions
(undiluted base)
Unlimited 29,225,000
Stock options 10% of issued and outstanding common shares 480,000
Mandates 7,500,000 7,500,000
Ordinary actions
(fully diluted)
Unlimited 37,685,000

Available funds

As a result of its two most recent financings, Clearmind has working capital of approximately $ 1,500,000 and a 12-month research and development budget of $ 480,000. After removing overheads, the issuer has approximately $ 722,000 in unallocated funds.

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About Clearmind Medicine Inc.

Clearmind is a biotechnology and psychedelic medicine company focused on the discovery and development of novel therapies derived from psychedelics to address widespread and underserved health issues, including alcohol use disorders. Its main objective is to research and develop compounds derived from psychedelics and to attempt to market them as regulated drugs, foods or supplements.

The Company’s intellectual portfolio currently consists of two patent families, one for binge behavior regulators and the other for an alcoholic beverage substitute. Within these two families, the Company holds two US patents, one European patent and authorized applications in China and India and pending divisional applications in Europe and the United States relating to regulators of excessive behavior; and a European patent and pending applications in the United States, China and India relating to the family of alcoholic beverage substitutes.

The registration statement, which includes the company name change from Cyntar Ventures Inc. to Clearmind Medicine Inc., was posted on the CSE website www.thecse.com.

Clearmind’s shares are listed on the Canadian Securities Exchange under the symbol “CMND” and will begin trading on May 26, 2021.

About Ezekel Golan

Mr. Golan is a multidisciplinary inventor in the fields of mycology, genetics, pharmacology and behavioral neuroscience. He is the registered inventor of dozens of issued patents in these fields. Mr. Golan has worked in the pharmaceutical industry since 2002, both in scientific and managerial positions. In 2014, New Scientist Magazine called him “arguably the most productive designer drug discoverer in the world.”

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For more information, please contact:
[email protected]

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements and information based on current expectations. These statements should not be interpreted as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those implied by such statements. These declarations include the submission of the relevant documentation within the required timeframe to the satisfaction of the relevant regulators, and the raising of sufficient funding to carry out the Company’s business strategy. There is no certainty that any of these events will occur. Although these statements are based on reasonable assumptions of management, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.

Investing in early stage companies inherently carries a high degree of risk and investing in securities of the Company will be considered highly speculative.

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any province where such an offer, solicitation or sale would be illegal. The securities issued or to be issued under the private placement have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States upon lack of registration or applicable exemption from registration requirements.

Neither the Canadian Securities Exchange nor its regulatory services provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85106

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