Acquisition of Securities of Psybio Therapeutics Corp. (Formerly Leo Acquisitions Corp.)

This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

BOCA RATON, Fla., Feb. 22, 2021 (GLOBE NEWSWIRE) -- Mr. Rob Nathan has acquired control and direction over 13,857.858 multiple voting shares (“Multiple Voting Shares”) of PsyBio Therapeutics Corp. (formerly Leo Acquisitions Corp.) (the “Company”) in connection with the Company’s recently completed reverse takeover (the “RTO”) of PsyBio Therapeutics, Inc. (“PsyBio”).

The Multiple Voting Shares were issued to Triumphe24, LLC (“Triumphe24”) in exchange for shares of PsyBio for aggregate deemed consideration of $4,850,250.30 (or $0.35 per PsyBio share). Mr. Nathan exercises control and direction over the Multiple Voting Shares held by Triumphe24. Each Multiple Voting Share entitles the holder thereof to convert such Multiple Voting Share into 1,000 Subordinate Voting Shares at any time for no additional consideration, subject to certain conditions.

As a result of the RTO, Mr. Nathan has control and direction over 13,857.858 Multiple Voting Shares, representing approximately 20.63% of the issued and outstanding Multiple Voting Shares, or 12.28% of the Subordinate Voting Shares on a partially diluted basis (assuming the conversion of all Multiple Voting Shares held by Triumphe24, and that no other securities, including those convertible into, or exercisable for, the Company’s securities, are issued, converted or exercised). Prior to the closing of the RTO, Mr. Nathan held nil securities of the Company.

The securities referred to above were acquired in connection with the RTO and Mr. Nathan and/or Triumphe24 may, depending on market and other conditions, increase or decrease their ownership of Multiple Voting Shares, Subordinate Voting Shares, Options or other securities of the Company whether in the open market, by privately negotiated agreement or otherwise.  

The Company is located at 4400 Sample Road, Suite 138, Coconut Creek, Florida 33073, United States. Mr. Nathan is located at the same address. A copy of the early warning report to which this news release relates can be obtained from Mr. Nathan at 513-449-9585 or on the Company’s SEDAR profile at