Toronto, Ontario–(Newsfile Corp. – February 8, 2024) – PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) (“PharmaDrug” or the “Company“), is pleased to announce the closing of its previously announced non-brokered private placement raising total gross proceeds of $326,000 (the “Offering“).
Pursuant to the Offering the Company issued 6,520,000 units (“Units“) at a purchase price of $0.05 per Unit for aggregate gross proceeds of up to $326,000. Each Unit is comprised of one common share in the capital of the Company (a “Common Share“) and one-half of one Common Share purchase warrant (each whole warrant being referred to herein as a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.10 at any time up to February 8, 2026.
Proceeds will be used for general corporate purposes.
The securities issued pursuant to the Offering are subject to a hold period of four months and one day that expires on June 9, 2024.
About PharmaDrug Inc.
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. PharmaDrug also owns 100% of SecureDose Synthetics Inc., a pharmaceutical research and development company focused on the development of synthetic formulations of currently existing drugs for potential commercialization and distribution.