--- title: "BetterLife closes CAD $2,000,000 convertible debenture financing" url: "https://aibio.space/news/betterlife-closes-cad-2-000-000-convertible-debenture-financing/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-06-22" section: "Debt Financing" tickers: "CSE:BETR" source: "https://www.sec.gov/Archives/edgar/data/1464165/000147793226004001/betrf_ex991.htm" summary: "BetterLife Pharma closed a CAD $2,000,000 convertible debenture on June 22, 2026, and a director and insider subscribed for the full amount. The conversion" --- By the aibio.space news desk. Sources - [BetterLife Pharma Inc. 6-K (2026-06-25)](https://www.sec.gov/Archives/edgar/data/1464165/000147793226004001/betrf_ex991.htm) [BETR](https://aibio.space/companies/betterlife-pharma/) 2026-06-22 # BetterLife closes CAD $2,000,000 convertible debenture financing Tickers [BETR](https://aibio.space/companies/betterlife-pharma/) BetterLife Pharma closed a CAD $2,000,000 convertible debenture on June 22, 2026, and a director and insider subscribed for the full amount. The conversion price compares with $0.07 per unit in an April 2026 private placement. ## Key facts - **Company**: BetterLife Pharma Inc. (CSE: BETR) - **News type**: Debt Financing - **Primary source**: [BetterLife Pharma Inc. 6-K (2026-06-25)](https://www.sec.gov/Archives/edgar/data/1464165/000147793226004001/betrf_ex991.htm) *Stock prices on an electronic board. CC0, via rawpixel. The picture shows the field, not the companies named.* ## Terms of the debenture BetterLife Pharma Inc. (CSE: [BETR](https://aibio.space/companies/betterlife-pharma/)) closed a CAD $2,000,000 convertible debenture financing on June 22, 2026, according to a material change report dated June 25, 2026. The debenture carries interest of 10% a year and matures on June 1, 2027. The holder can convert the principal at CAD $0.06 per unit. Each unit is one common share plus one share purchase warrant, exercisable at CAD $0.10 for three years from issuance. The debenture's CAD $0.06 conversion price compares with the $0.07 per unit price in a non-brokered private placement in April 2026, although the report does not state the currency of that price. The placement raised gross proceeds of $499,600 through the issue of 7,137,143 units. The chief executive officer took 1,250,000 of those units. The debenture's net proceeds would support the remaining IND-enabling work on BETR-001 and general working capital. The filing names no placement agent or advisor for the debenture. ## A related-party financing A director and insider subscribed for the full $2,000,000 of the debenture. Conversion by that holder is capped at 19.9% ownership unless shareholders approve otherwise. Because the transaction is a related-party deal under Multilateral Instrument 61-101, the company relied on exemptions from formal valuation and minority shareholder approval, on the basis that the fair market value did not exceed 25% of its market capitalization. The company says it closed without filing a material change report 21 days earlier because it wanted to secure the money as soon as terms were settled. The same report describes a warrant extension made on June 17, 2026. Warrants with an original exercise price of $0.10 were pushed out by one year. Among them, 7,743,342 warrants due September 27, 2026 now run to September 27, 2027, and 4,090,904 due October 1, 2026 now run to October 1, 2027. Of the September warrants, 2,041,644 are held by directors and an officer, whose amendment was treated as a related-party transaction. The company also granted 3,500,000 options to its executive chairman at $0.065 and 3,250,000 options to officers at $0.07. ## The BETR-001 program BETR-001 is 2-bromo-lysergic acid diethylamide, which the company describes as a non-hallucinogenic derivative of LSD. The company says it is an agonist of several serotonin receptors, including 5-HT1B, 5-HT1D and 5-HT1F, which it links to migraine and cluster headache. It says the drug is not a 5-HT2B agonist, the receptor it links to LSD's cardiac side effects. Those are the company's claims, and the company's own papers give no clinical data on BETR-001 itself. It says it holds a USPTO composition-of-matter patent and has completed its FDA pre-IND meeting. The annual report, filed June 1, 2026 as a 20-F, says the human studies of 2-bromo-LSD were mostly run in the late 1950s and early 1960s, and that the chemistry, manufacturing and controls specifications used then are not known. For regulatory purposes, the company says BETR-001 is a new molecular entity still at the preclinical stage. It cites a 2010 case series reporting that 2-bromo-LSD was effective against cluster headaches. The plan is a randomized, placebo-controlled Phase 1A study in healthy volunteers after the IND clears, followed by a Phase 1B study in patients with headache disorders. The company has engaged Syner-G BioPharma Group to oversee GMP manufacturing and projects filing the IND and starting Phase 1 in the first quarter of 2027. Its subsidiary MedMelior has two other products in its pipeline. ## The company's financial record The company was incorporated in British Columbia in 2002 and has changed its name several times, most recently in December 2019. The material change report carries no financial statements, so it does not show how much cash the company held going into this debenture or how fast it is spending. The cautionary note in the company's own news release lists risks relating to financing and to "the Company's ability to continue as a going concern." The company appointed Doug Drysdale, formerly CEO of Cybin Inc., as Executive Chairman and Director in May 2026. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story BETR BetterLife Pharma Inc. CSE ยท Canada Open the starter desk ## More in Debt Financing Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 Debt Financing ### [FOXO to buy Ludwig Enterprises preferred stock with majority voting power](https://aibio.space/news/foxo-buy-ludwig-enterprises-preferred-stock-majority-voting-power/) Oct 29, 2026 --- Source page: https://aibio.space/news/betterlife-closes-cad-2-000-000-convertible-debenture-financing/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "BetterLife closes CAD $2,000,000 convertible debenture financing", 2026-06-22, https://aibio.space/news/betterlife-closes-cad-2-000-000-convertible-debenture-financing/