Mydecine Innovations Group Files Prospectus Supplement, Announces Closing Under Share Subscription Agreements

MYDECINE INNOVATIONS GROUP INC. ("Mydecine" or the "Company") (CSE:MYCO) (AQSE:MYIG) (OTC:MYCOF) (FSE:0NFA) a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, is pleased to announce that, in connection with: (i) its previously announced Common Share Subscription Agreement (the " Opensky Subscription Agreement ") with OpenSky Opportunities Fund Ltd. (" Opensky ") dated 10 March 2023; and (ii) a Common Share Subscription Agreement dated 25 October 2023 (the " Standalone Subscription Agreement ", and collectively with the Opensky Subscription Agreement, the " Subscription Agreements ") between the Company and an arms-length investor (the " Standalone Investor " and collectively with Opensky, the " Investors "), the Company has filed a shelf prospectus supplement (the " Prospectus Supplement ") to the Company's Final Short Form Base Shelf Prospectus for the province of Québec and Amended and Restated Final Short Form Base Shelf Prospectus for each of the provinces of Canada, dated 28 January 2022 (together, the " Shelf Prospectus ").

The Prospectus Supplement provides, among other things, that the Company is qualifying the distribution of up to 7,360,000 common shares (each a " Share ") in the capital of the Company to the Investors under the Subscription Agreements at a price of $0.15 per Share for aggregate gross proceeds of up to $1,104,000.

The Company also announces today the closing of Share issuances under the Subscription Agreements (the " Offerings "). The Offerings resulted in the issuance of 7,360,000 Shares at a price of $0.15 per Share for aggregate gross proceeds of $1,104,000. The distribution of such Shares is qualified by the Prospectus Supplement. The Company will use the proceeds of the Offering as described in the Prospectus Supplement.

An application will be made to the Aquis Stock Exchange ("Aquis") for the 7,360,000 new Shares to be admitted to trading. Admission is expected to take place, and dealings on Aquis in the Shares are expected to commence, at 08:00 on or around 3 November 2023.

Following Admission, the Company will have 52,567,458 Ordinary Shares in issue. Since the Company currently holds no shares in treasury, the total number of voting rights in the Company will therefore be 52,567,458. These figures may therefore be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

The Prospectus Supplement and Base Shelf Prospectus are available on the Company website and on the Company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca .

  About   Mydecine   Innovations   Group   Inc.  

Mydecine Innovations Group is a publicly traded, pre-revenue biopharmaceutical company that began operations in North America and Europe in early 2020. Mydecine was founded to increase physicians' access to serotonin-modulating medicine. Recent research has demonstrated the therapeutic potential of psychedelic substances such as psilocybin and MDMA for treating intractable conditions such as pain, anxiety, depression, addiction, and PTSD, along with neurodegenerative disorders. Mydecine believes these compounds can be safer, more effective, and more accessible for patients and medical professionals through modern drug chemistry paired with artificial intelligence (AI). Through its exclusive partnership with Applied Pharmaceutical Innovation based at the University of Alberta, Mydecine is developing innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations. Mydecine developed several prodrug families, beginning with a psilocybin-derived smoking cessation drug undergoing a NIDA-funded trial at Johns Hopkins University. Mydecine is also developing MYCO-006—short-acting chemical analogs derived from MDMA for treating various conditions, including anxiety and pain. Mydecine utilises cutting-edge artificial intelligence (AI) and pharma research infrastructure at the University of Alberta to develop and manufacture new medications to make them affordable and accessible to the general public upon Health Canada and FDA approval. The Mydecine team is enthusiastic about its mission and is dedicated to creating a positive difference in the lives of others.

The Directors of Mydecine take responsibility for this announcement.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Learn more at:   https://www.mydecine.com/   and follow the company on Twitter, LinkedIn, YouTube, and Instagram.

  For   more   information,   please   contact:  

  Media   Contact  
  pr@mydecineinc.com   

  Investor   Relations  
investorrelations@mydecineinc.com  

  On   behalf   of   the   Board   of   Directors  

  Joshua   Bartch,   Chief   Executive   Officer     contact@mydecineinc.com    

  AQSE Corporate Advisor  
Novum Securities Limited                Tel: +44 (0)207 399 9400
David Coffman/ George Duxberry

For further information about Mydecine, please visit the Company's profile on SEDAR at   https://sedar.com/   or visit the Company's website at   https://www.mydecine.com/ .  

  Forward-Looking   Statements  

  Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information   about   management's   expectations   and   plans   relating   to   the   future.   All   of   the   forward-looking   information   made in   this   news   release   is   qualified   by   the   cautionary   statements   below   and   those   made   in   our   other   filings   with   the   securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "anticipates,"   "continue,"   "estimate,"   "believe"   or   variations   of   such   words   and   phrases   or   statements   that   certain   actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements   of   historical   fact,   may   be   considered   to   be   or   include   forward-looking   information.   This   news   release   contains forward-looking   information   regarding, the   use   of   proceeds   and   the   closing   of   the   Offering.   Readers   are   cautioned   that these   forward-looking   statements   are neither promises nor guarantees, and are subject to risks and uncertainties that may   cause   future   results   to differ materially from those expected. Although the Company has attempted to identify important factors   that   could   cause   actual   results   to   differ   materially   from   those   contained   in   forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.  

  The forward-looking information set forth herein reflects the Company's reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any   forward-looking information, whether   as a result of new information, future   events or   otherwise, other   than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary   statement.  

   This     news     release     shall     not     constitute     an     offer     to     sell or     the     solicitation     of     an     offer     to     buy     nor     shall     there     be any sale     of     the     securities     in     any     State     in     which     such     offer,     solicitation     or     sale     would     be     unlawful.     The     securities     being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration     requirements     of     the     United     States     Securities     Act     of     1933,     as     amended,     and     applicable     state     securities     laws.   

 MYDECINE INNOVATIONS GROUP INC.
Suite 810–789 West Pender Street, Vancouver, British Columbia, V6C 1H2 T: 604-687-2038