Toronto, Ontario–(Newsfile Corp. – November 15, 2024) – PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) (“PharmaDrug” or the “Company“), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines and naturally-derived approved drugs, is pleased to announce that further to its press release dated October 31, 2024, it has completed the issuance of $412,552.94 principal amount of debentures to replace currently outstanding secured convertible debentures and a total of 8,251,058 common share purchase warrants (each a “Warrant“).
Each Debenture will mature on September 30, 2025 and will be convertible into common shares at a price of $0.05 (subject to adjustment). Each debenture will be secured by a general security agreement from the Company. The debentures are being issued to replace presently outstanding secured convertible debentures and outstanding interest thereon, which debentures had previously matured (but remained unpaid). There will be no interest payable on the debentures unless the principal amount is not paid at maturity, in which case the debentures will bear interest at a rate of 22% per annum. The Warrants to be issued in connection with the debentures will entitle the holder to acquire one common share at a price of $0.05 per share (subject to adjustment) for a period of two years following the issuance thereof.
The debentures, warrants and underlying shares are subject to a four month hold period expiring on March 16, 2025.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 51% of Sairiyo Therapeutics (“Sairiyo”), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the US and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease and rare cancers. Sairiyo is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions. PharmaDrug also owns 100% of SecureDose Synthetics Inc. (“SecureDose”), a pharmaceutical research and development company focused on the development of synthetic formulations of currently existing drugs for potential commercialization and distribution.