Levitee Labs Announces Closing of Oversubscribed Private Placement

Levitee Labs Inc. (the “Company” or “Levitee“), a private British Columbia company in the alternative medicine and integrative wellness space, announced today that it has closed (the “Closing“) a heavily oversubscribed non-brokered private placement (the “Private Placement“) through the issuance of a total of 21,140,000 subscription receipts (each, a “Subscription Receipt“) of the Company at a price of $0.50 per Subscription Receipt, for aggregate gross proceeds of $10,570,000.

Each Subscription Receipt will be convertible, without additional payment, into one unit of the Company (a “Unit“) following the satisfaction of the following conditions (the “Escrow Release Conditions“): (i) Levitee obtaining a final receipt on behalf of each of the securities regulatory authorities in the Provinces of Canada in which Subscription Receipts have been sold for a final prospectus qualifying the issuance of the Shares (defined herein) and the Warrants (defined herein); and (ii) Levitee receiving conditional approval for the listing of the Shares on the Canadian Securities Exchange (the “Exchange“).

Each Unit will consist of one common share (a “Share“) of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant will be exercisable into one Share at a price of $0.75 per Share for a period of three (3) years following the issuance date. Cash finder’s fees and finder’s warrants (each, a “Finder’s Warrant“) will be issued on release of the funds from the Private Placement to the Company on satisfaction of the Escrow Release Conditions. Each Finder’s Warrant will be exercisable for two (2) years into one Share at a price of $0.75 per Share.

The gross proceeds raised in connection with the Private Placement will be held in escrow pending satisfaction of the Escrow Release Conditions. Levitee intends to use the proceeds from the Private Placement to fund acquisitions, working capital purposes and for fees associated with listing the Shares on the Exchange (the “Listing“).

With the Private Placement closed, the Company now intends to pursue the Listing as expediently as possible.

“We are pleased to have completed our oversubscribed go-public financing. This serves as a cornerstone to achieving our mission of transforming the integrative wellness industry through the inclusion of psychedelic medicine. We aim to be the first publicly listed company within the psychedelic space to achieve significant revenue and cashflow. We would like to thank our shareholders, advisors, and agents for their support” stated Pouya Farmand, Chief Executive Officer of the Company.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

About Levitee Labs

Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.

The company’s current portfolio of assets includes Sporeo and MONKE Nutraceuticals. Sporeo manufacturers the first commercial grade offering of spawn and substrate and has mass distribution agreements in place with leading global distributors. Sporeo is currently developing an ecommerce platform that will be a centralized portal for all mushroom cultivation needs. MONKE specializes in the development and distribution of premium functional mushroom supplements. This adaptogenic product line was formulated to enhance consumers’ wellbeing. Levitee Labs aims to catalyze access to compounds and alternative medicines that enhances the wellbeing of society.

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting the intended use of proceeds from the Private Placement, Levitee’s plan to list its Shares on the Canadian Securities Exchange, Levitee’s business plans and proposed products, the benefits derived from mushroom-infused products, and the attributes of the securities offered under the Private Placement. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Levitee to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Levitee, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.

For further information about Levitee, please contact:

Levitee Media Contact
media@leviteelabs.com

Levitee Investor and Corporate Communications
ir@leviteelabs.com

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