Blackhawk Growth Corp. (OTCMKTS: BLRZF), an investment holding company focused on acquiring and developing high-growth companies in the health, cannabis and psychedelics sectors in the US and Canada, announced it intends to complete a spin-out transaction of its wholly-owned subsidiaries MindBio Therapeutics Pty. Ltd. and Digital Mind Technology Pty Ltd. through a plan of arrangement under the Business Corporations Act (British Columbia).

The new settlement would group the shares of both Australian-based companies together to form an independent company focusing on the psychedelics and mental health technologies business. 

Blackhawk’s CEO Frederick Pels stated: “This is a significant milestone for Blackhawk and Mindbio. The goal of this transaction is to unlock further value of the assets by allowing it to be developed separately, in a sector-focused public company by a skilled and experienced management team and ensure shareholders continue to benefit from the growth of both companies.”

On behalf of MindBio, co-founder Justin Hanka added: “We have worked hard with our scientific and advisory teams for a number of years to progress novel research through clinical trials and to realize value for shareholders. We aim to provide hope to sufferers of debilitating mental health conditions by developing new treatments and scaling and commercializing into the primary health care system.”

As part of the transaction, Blackhawk’s subsidiary SpinCo would become the parent company of …

Full story available on Benzinga.com