Shares of Gunsynd plc (LON: GUN) are trading higher on Wednesday after the company announced it has invested £200,000 in DiscoverOre Inc.
DiscoverOre is an Aquis Growth Market quoted investing company. Gunsynd has subscribed for 10 million ordinary shares at 2p per share as part of a £3.5 million funding round.
According to Gunsynd, DiscoverOre intends to call a general meeting to approve a new investment strategy in the medical psychedelic industry.
The primary focus of this proposed new investment strategy will be to invest in businesses or assets involved in the development of potential treatments for mental health issues which include, drug-resistant depression, anxiety, addiction, and post-traumatic stress disorder.
DiscoverOre will use the funds raised to invest in this sector and related businesses in the same industry.
Hamish Harris, a director at Gunsynd, commented: “The board of Gunsynd is pleased to be able to invest in this area as mental health is increasingly getting the attention it deserves. We have looked at many investments in life sciences as part of our investment policy and have until now not invested in this area.
“This investment, however, fits in with our policy of picking emerging trends in the market particularly where we consider there could be a first-mover advantage combined with the possibility of helping to alleviate a significant societal issue.”
Gunsynd’s share price has gained over 4.8% so far on Wednesday, currently trading at 1.94p.
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