Biotechnology company Mydecine Innovations Group (OTCPK:MYCOF) said it has entered into a share subscription agreement with a third party investor and that the current CFO has resigned.
The investor has subscribed for ~327K shares at $0.75 per share for aggregate gross proceeds of $245K.
Funds raised through the private placement will be used to further the company's drug development initiatives.
Additionally, Larry Dean Ditto has resigned as CFO for personal reasons, effective Aug. 19, and COO Damon Michaels is appointed interim CFO.
Also, MYCOF appointed Joshua Bartch, Todd Heinzl and Robert Roscow audit committee members on an interim basis, after three independent directors resigned from the post.