On June 14, 2024, BetterLife Pharma Inc. closed the transaction. The company announced that it has issued 5,300,000 units at a price of CAD 0.10 per unit for the gross proceeds of CAD 530,000 in the transaction. Each Unit is comprised of one common share and one warrant.

Each warrant entitles the holder thereof to acquire one common share at an exercise price of CAD0.13 at any time up to 24 months from the closing of the Offering. The Units sold pursuant to the Offering will be subject to a four month hold period pursuant to applicable Canadian securities laws. Ahmad Doroudian, Chief Executive Officer of the Company, subscribed for a total of 500,000 Units under the Offering.

The Company intends to complete a further tranche of non-brokered private placement for aggregate gross proceeds of up to CAD 100,000 to be issued in units, with each unit comprised of one common share and one common share purchase warrant having a term of two years from the closing date.