On February 13, 2018, Scythian Biosciences Corp. ("Scythian") (TSXV: SCYB) (Frankfurt: 9SB) (OTCQB: SCCYF) announced that it had closed its previously announced bought deal short form prospectus offering of units, for gross proceeds of $14,376,740 including the full exercise of the overallotment option. The offering was completed by a syndicate of underwriters led by Clarus Securities Inc. as lead underwriter and sole bookrunner, and including Haywood Securities Inc. and INFOR Financial Inc.

In connection with the offering, Scythian also issued and sold on a concurrent, bought deal brokered private placement of units for re-sale to Aphria Inc. (TSX: APH) for gross proceeds of $12,501,525. The underwriters exercised in full an option under the concurrent private placement to acquire additional units for additional gross proceeds of $1,875,215 for resale to additional subscribers on an exempt basis. The private placement was also led by Clarus Securities Inc., as lead underwriter and sole bookrunner on behalf of the underwriters.

The combined gross proceeds from the offering and the concurrent private placement was $28,753,480.

Scythian is a research and development company committed to finding a solution for the prevention and treatment of concussions and traumatic brain injury with its proprietary Cannabinoid combination.

Gowling WLG advised Scythian with respect to these transactions with a team that included Peter Simeon, Josh Almario and Susana Fonseca (corporate) and Paul Carenza (tax), assisted by student-at-law Stephen Franchetto.