Mind Medicine Inc. (NEO: MMED) (OTCQB: MMEDF), the leading neuro-pharmaceutical company for psychedelic inspired medicines, is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. pursuant to which the Lead Underwriter has agreed, on behalf of a syndicate of underwriters, to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 13,158,000 units of the Company at a price of C$1.90 per Unit for aggregate gross proceeds to the Company of C$25,000,200.

Each Unit shall consist of one subordinate voting share (each a "Subordinate Voting Share") and one-half of one Subordinate Voting Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one Subordinate Voting Share at an exercise price of C$2.45 per Subordinate Voting Share for a period of 3 years from the closing of the Offering, subject to a Warrant acceleration right exercisable by the Company if the daily volume weighted average trading price of the Company's Subordinate Voting Shares on the NEO Exchange is greater than C$4.00 per Subordinate Voting Share for the preceding 20 consecutive trading days.

The Company has granted the Underwriters an option (the "Over-Allotment Option") to purchase up to an additional 1,973,700 Units at the Issue Price, exercisable at any time, for a period of 30 days after and including the Closing Date, which would result in additional proceeds of C$3,750,030. The Over-Allotment Option is exercisable to acquire Units, Subordinate Voting Shares, and/or Warrants (or any combination thereof) at the discretion of the Lead Underwriter.

The Underwriters are to be paid a cash commission equal to 6% of the gross proceeds of the Offering and to receive Unit purchase warrants of the Company (the "Underwriters' Warrants") equal to 6% of the number of Units sold under the Offering, with each Underwriters' Warrant being exercisable to acquire one Unit at the Issue Price for a period of 36 months from the closing of the Offering.

The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada except Quebec. The Offering is expected to close on December 15, 2020 (the "Closing Date"), and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the NEO Exchange and the applicable securities regulatory authorities. The Company will use best efforts to obtain the necessary approvals to list the Subordinate Voting Shares and the Warrant Shares on the NEO Exchange.

The net proceeds of the Offering will be used for investment in the digital medicine division, additional microdosing R&D as well as general working capital.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About MindMed

MindMed is a psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to the company's groundbreaking approach to developing the next-generation of psychedelic inspired medicines and therapies.

MindMed trades on the Canadian exchange NEO under the symbol MMED. MindMed is also traded in the United States under the symbol MMEDF and in Germany under the symbol MMQ. For more information:www.mindmed.co