Neural Therapeutics Gets Conditional CSE Listing Approval and Announces Financing

Toronto, Ontario-- Neural Therapeutics Inc., an ethnobotanical drug discovery company, has announced it received conditional approval to list its common shares on the Canadian Securities Exchange (CSE) under the ticker symbol "NURL." This significant milestone is expected to further the company's mission to develop treatments for mental health issues associated with substance use disorders.

The conditional approval is subject to Neural meeting specific requirements set by the CSE. These stipulations include securing financing of at least $500,000, posting necessary documents on SEDAR+, and completing all outstanding CSE application documentation and fee payments. Neural is confident in meeting these conditions and anticipates final approval following the completion of its Concurrent Financing.

Ian Campbell, CEO of Neural, emphasized the importance of this approval, stating, "Receiving this Conditional Approval is a critical step in our journey to bring innovative treatments to mental health care." He highlighted the company's focus on developing a mescaline extract spectrum from the San Pedro cactus, targeting sub-hallucinogenic doses to enhance scalability and accessibility. The listing on the CSE is expected to provide additional support, accelerating the company's drug development efforts and offering investors access to a new area of psychedelic research.

In parallel with the listing, Neural has announced the terms for its private placement offering, known as Concurrent Financing. Neural plans to offer 16,666,667 common shares at $0.03 per share, aiming to raise $500,000. The proceeds will be used to fund the company's research and development programs and for general administrative purposes.

To facilitate the Concurrent Financing, Neural may pay a cash finder's fee equivalent to 8% of the gross proceeds and issue common share purchase warrants, known as Finders' Warrants. These warrants will allow holders to buy a Neural share at $0.05 for 24 months from the closing of the financing. The company plans to offer these shares on a best-efforts private placement basis in Canada and other jurisdictions to accredited investors or those qualifying for other prospectus exemptions.

Ian Campbell further noted the growing recognition of science-driven development of innovative therapies in the capital markets. He pointed to the potential of psychedelic-based therapies to address public health issues and the resulting increase in capital available to the industry. To attract new investors, Neural has kept the financing terms consistent with a previous placement completed in September 2023.

The company expects the Concurrent Financing to close shortly before the listing, subject to meeting the CSE's approval conditions. There is, however, no assurance that the financing will be completed as outlined.

Neural will disclose further details regarding the Concurrent Financing, final approval, and commencement of trading on the CSE as they become available. Stakeholders are encouraged to visit Neural's website and review its SEDAR+ profile for more information.

Before the completion of Concurrent Financing, Neural's capital comprises 65,771,692 common shares and 8,562,823 warrants to purchase shares at prices ranging from $0.05 to $1.00, with no outstanding debt securities.

Neural Therapeutics specializes in discovering plant-based active substances to develop over-the-counter supplements and psychedelic-based medicines for severe mental ailments lacking significant treatments. The company sources mescaline-containing cacti from Peru, such as the San Pedro cactus, and focuses on harnessing ethnobotanical knowledge for novel treatments of substance use disorders. They are particularly researching sub-hallucinogenic doses of mescaline extract to utilize its therapeutic potential without typical psychoactive effects.

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