VANCOUVER, British Columbia, May 10, 2023 (GLOBE NEWSWIRE) -- Mydecine Innovations Group Inc. ("Mydecine" or the "Company") (NEO:MYCO) (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 the results of voting at its annual general and special meeting (“AGSM”) of shareholders which was held on Friday, May 5, 2023, by conference call (the “Meeting”). There were 23 shareholders represented in person or by proxy at the Meeting, holding 2,423,009 common shares, representing 11.25% of the Company’s total issued and outstanding common shares as of the record date for the Meeting. The voting results for each matter presented at the Meeting are set out below:

Number of Directors

The resolution to set the number of directors of the Company at three (3) was approved by votes cast by the shareholders who voted in respect of the resolution present or represented by proxy at the Meeting. Voting results are set out below:

Election of Directors

Each of the nominees for election as director listed in the Company’s management information circular dated April 4, 2023, were elected as directors of the Company for the ensuing year until their successors were elected or appointed. Voting results are set out below:

Appointment of Auditors

BF Borgers CPA PC was reappointed as Auditors of the Company for the ensuing year, with their remuneration to be fixed by the Board of Directors. Voting results are set out below:

Approval of the New Equity Incentive Plan

The adoption of the New Equity Incentive Plan, as presented in the Company’s information circulated dated April 4, 2023, was approved by a majority of votes cast by the shareholders who voted regarding the resolution present or represented by proxy at the Meeting.

The New Equity Incentive Plan will be implemented at the discretion of the Board of Directors, should the Board of Directors believe that adopting the New Equity Incentive Plan is in the Company's best interest.

Voting results are set out below:

Approval of the Re-Pricing of Debenture and Debenture Warrants

The resolution to authorize and approve the re-pricing of the debenture and the debenture warrants was approved by a majority of votes cast by the disinterested shareholders who voted for the resolution present or represented by proxy at the Meeting.

The re-pricing of the debenture and debenture warrants will be implemented at the discretion of the Board of Directors, should the Board of Directors believe that the adoption of the re-pricing of the debenture and debenture warrants is in the best interest of the Company.

Voting results are set out below:

Approval of Other Matters

The resolution to transact such other business that may be brought properly before the Meeting and any adjournment or postponement of the Meeting. Voting results are set out below:

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). 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 utilizes 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.

Learn more at https://www.mydecine.com.

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

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or the Company’s website at www.mydecine.com.

This news release contains forward-looking information about Canadian securities laws regarding the Company and its business. It relates to future events or performance and reflects management’s expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect,” “intends,” “anticipated,” “believes,” or variations (including negative variations) of such words and phrases or by stating that specific actions, events, or results “may,” "could," "would,” or “will” be taken, occur, or be achieved.

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 common shares in any jurisdiction in which such an offer, solicitation, or sale would be unlawful before the registration or qualification under the securities laws of any such jurisdiction.

Such forward-looking statements reflect management’s beliefs and are based on assumptions and information currently available to the Company. 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, including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to protect and enforce its intellectual property adequately, the Company's ability to bring its products to commercial production, the continued growth of the global adaptive pathway medicine, natural health products, and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale, and use of the Company's products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause effects not to be as anticipated, estimated, or intended. There can be no assurance that such information will be accurate, as actual results and future events could differ materially from those anticipated. These forward-looking statements are made as of the date hereof. The Company is not obligated to update or revise them to reflect new events or circumstances as required under applicable securities legislation.